In the past 7 active trading days, bitcoin:native spot ETFs have seen a cumulative net inflow of 6,649.46 BTC. After three consecutive days of outflows from September 9 to 11, there was a net inflow of 2,034 BTC on September 14, indicating that ETF buying interest hasn’t disappeared entirely, but the intensity of funds is clearly weaker compared to early September. Currently, BTC’s short-term trend is more suppressed by macro risks. The U.S. 10-year Treasury yield briefly rose to 5.04%, oil prices are climbing again, and the market is pricing in potential Fed rate hikes—this environment is inherently unfavorable for risk assets. So, the positive ETF inflows over the past week seem more like providing support for BTC at lower levels, but they’re not strong enough to push the price back above previous highs. Without this portion of spot buying, BTC could face even greater pressure under the current environment of high interest rates, rising oil prices, and a strengthening dollar. What’s critical moving forward is whether ETFs can show consistent net inflows over several consecutive days. If funds continue to oscillate between inflows and outflows, BTC is more likely to maintain a range-bound or slightly bearish trend in the short term. @Gate Crypto, U.S. stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets—all in one platform.