According to online reports, Matrixport released a daily analysis saying that Bitcoin ETF is expected to see a net outflow of approximately US$1.2 billion this month, the second highest level in history, second only to the US$3.5 billion in February. Most institutional funds withdrew from the market during the summer. Although Ethereum still attracted capital inflows, Bitcoin ETFs have shown net outflows for five consecutive months. Analysts pointed out that although seasonal factors are short-term phenomena, the flow of funds is as important as seasonality. Although the macro environment and liquidity factors may continue to support Bitcoin, market participants should remain cautious.