According to CoinMeta, US spot Bitcoin ETF recorded a net outflow of $201.9 million on August 28, ending a nine-day consecutive inflow trend. This outflow marks a change in market sentiment. Although it does not mean the disappearance of institutional demand, the market can no longer rely on sustained ETF inflows as short-term support. ETF inflows, while not representing the entire Bitcoin market, have become a visible indicator of regulatory investor demand. The market now needs to observe the inflows in the coming days to determine whether this outflow will become a trend.