Internet reports that Bitfinex released its latest analysis report, which pointed out that Bitcoin fell to a low of US$77,041 last week, with a retracement of 29.7%, the second deep correction in this bull market. At the same time, the continued outflow of U.S. Bitcoin spot ETFs (totaling $921.4 million last week) suggests that institutional buyers have not yet had enough strength to offset selling pressure. Historically, when new capital inflows slow and cost base trends change, it suggests that the demand environment is weakening. This trend has become increasingly evident as Bitcoin strives to remain above critical levels. Without new buyers stepping in, Bitcoin could face the risk of long-term consolidation and could even fall further, as weaker buyers will continue to withdraw from their positions. The key factor to pay attention to is whether long-term holder or institutional demand will re-emerge at lower market levels. If better-funded investors start absorbing the Bitcoin sell-off, it could signal a shift to accumulation, which could stabilize price movements and reverse market sentiment.