According to a report by金色财经, which analyzed the market conditions for U.S. physical Bitcoin ETFs in August. The report stated that at the end of August, investors participating in such investments found that the underlying costs they were bearing had surpassed the spot market price of Bitcoin. This directly implies that the investment of typical ETF investors may already be in a state of loss. This analysis highlights the potential risks and challenges faced by those investing in Bitcoin through ETFs in the current market environment.