Recent market data reveals that twelve physical bitcoin exchange-traded funds (ETFs) in the US have seen a combined outflow of $1.2 billion over the last eight days. This has sparked concerns among investors regarding the stability and liquidity of the cryptocurrency market. Despite this significant outflow, these physical bitcoin ETFs have shown relatively stable performance, standing out among the more than 400 new ETFs issued this year, particularly with their four major players demonstrating especially noteworthy market performances. Simultaneously, the first week of September also posed considerable challenges to the bitcoin market. From a high of $64,668 on August 26th, the price plummeted to a low of $53,491 on September 7th, experiencing a staggering 17.28% decline within just two weeks. This fluctuation underscores the sensitivity of investor sentiment and the inherent uncertainty in the current market environment. It is worth noting that historical data suggests that bitcoin tends to perform poorly in September. This may indicate that future market trends might continue to be influenced by seasonal factors, while also urging investors to consider multiple factors in their decisions, including macroeconomic conditions, policy changes, and technical analysis. In essence, the outflow of funds from physical bitcoin ETFs and the fluctuations in the bitcoin price reflect the current challenges and opportunities in the cryptocurrency market, reminding market participants to exercise caution and adjust long-term investment strategies accordingly.