Odaily Planet Daily News Matrixport released today's chart saying that most institutional funds withdrew in the summer, but Ethereum still attracted capital inflows, and Bitcoin ETF may experience net outflows for five consecutive months.

Outflows this month are expected to be around $1.2 billion, the second-highest on record, behind only February's $3.5 billion. Seasonal factors may be short-lived, but they serve as a reminder that the direction of capital flows is just as important as seasonality.

After maintaining a bullish stance in July, we turned cautious in August. While macro and liquidity factors may still support Bitcoin, the market still needs to remain vigilant.