In the last 7 effective trading days, the Bitcoin: native spot ETF has cumulatively increased holdings by 6,649.46 BTC. After three consecutive days of outflows from September 9 to 11, there was a net increase of 2,034 BTC again on the 14th, indicating that ETF buying pressure has not disappeared, but the capital intensity has clearly weakened compared to early September.

Currently, BTC's short-term trend is more suppressed by macro risks. The U.S. 10-year Treasury yield once rose to 5.04%, oil prices have risen again, and the market is trading on the possibility of the Federal Reserve raising interest rates. Such an environment itself is unfavorable for risk assets.

Thus, the positive inflow of the ETF in the past week seems more like providing support below for BTC, but it is not enough to push the price to break through previous highs again. Without this spot buying, under the current environment of high interest rates, high oil prices, and a strengthening dollar, BTC may face even greater pressure.

The key point moving forward is whether the ETF can re-establish a few days of stable net increases; if the funds continue to just fluctuate between inflows and outflows, then BTC is more likely to maintain fluctuations or even a weaker performance in the short term.

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