James Seyffart, an ETF analyst at Bloomberg, recently posted a comment on social media, pointing out that the capital flow of US Bitcoin exchange-traded funds (ETFs) has almost stagnated, although the cumulative net inflow of funds in these ETFs has reached a considerable $14.7 billion since their launch. However, it cannot be ignored that the trading activity of this group of ETFs has continued to decline since mid-May, and the daily trading volume has never exceeded the $3 billion threshold, indicating a trend of declining market activity.