PANews reported on May 17th that, according to Cointelegraph, Bitcoin recently fell below $79,000, after encountering significant selling pressure near $82,000. Market analysts believe that the current BTC price movement is highly correlated with the US small-cap stock index, indicating that it is still viewed by the market as a "risk asset" rather than a safe-haven asset.

Analysts point out that escalating tensions in Iran, rising oil prices, and concerns about a global economic recession are continuing to dampen market risk appetite. Meanwhile, the recent negative funding rates for Bitcoin perpetual contracts indicate a significant lack of demand for leveraged long positions, suggesting traders remain cautious about short-term gains.

However, the report suggests that in the medium term, the large-scale outflow of funds from the fixed-income market may actually benefit BTC. As global government bond yields rise to multi-decade highs, investors are gradually withdrawing from the bond market, and some liquidity may flow back into risk assets, including Bitcoin, in the future.

Currently, yields on 10-year US and European government bonds have risen to multi-year highs, while Brent crude oil prices have also broken through $100, exacerbating market concerns about inflation and economic pressures.