The positive seasonal effect seen in the last quarters of the halving year, which occurs every four years in the Bitcoin market, is decreasing. BTC price movements in the last two weeks indicate that investor demand is slowing. The decline in investor demand, especially from the US, became evident with the Coinbase Premium Index falling to its lowest level in 12 months. 📉

Outflows from US-based spot Bitcoin ETFs indicate that American investors are selling BTC. This could complicate BTC's short-term price recovery. However, the decline in the Coinbase Premium Index also indicates potential room for price appreciation. Bitcoin's value could recover with a change in macroeconomic conditions or new investor interest. 🚀