The cryptocurrency market seems to be undergoing a significant adjustment, with the performance of its key component - Bitcoin spot ETFs - drawing particular attention. According to research by 10x Research, the flow records for Bitcoin ETFs reached their eighth consecutive month in August, with total outflows amounting to $3.2 billion, second only to April's $3.45 billion. This suggests a weakening of investor confidence in Bitcoin over the short term. Although there were strong inflows of $21 billion and $32 billion in May and July respectively, these movements failed to sustain market sentiment, indicating a cautious stance towards traditional buy-and-hold strategies in the current market climate. As Bitcoin awaits more powerful macroeconomic factors as catalysts, the liquidity of ETFs has failed to spark bullish sentiments. Meanwhile, other segments of the crypto market are also facing potential outflows of billions of dollars, further exacerbating market uncertainties.