ChainCatcher news, Bitfinex alpha's analysis indicates that the continuous outflow of funds from the US spot Bitcoin ETF (totaling $921.4 million last week) suggests that institutional buyers have not returned with sufficient strength to effectively offset market selling pressure. Short-term holders are also still facing net unrealized losses, which exacerbates selling pressure. These investors, especially those who bought in the past 7 to 30 days, are often the most prone to panic selling.Historically, when the inflow of new funds slows down and the trend of holding costs changes, it usually indicates that market demand is weakening. As the support strength of Bitcoin above key levels gradually diminishes, this trend becomes increasingly evident. Without new buyers entering the market, Bitcoin may enter a longer period of consolidation or even decline further due to the continued exit of weak hands.