The performance of the Bitcoin spot ETF has declined significantly since June of this year, with total assets falling from $62 billion to the current $46 billion, the lowest level since February 12. The trend reflects waning market confidence in Bitcoin and its derivatives. While the Bitcoin spot ETF attracted significant inflows in its early days, the pace of inflows has slowed over time, especially in the last eight days, which saw $1 billion in outflows.

Specifically, since the ETF was launched, the Bitcoin spot ETF attracted $12 billion in inflows in the first two months, followed by just $4 billion in the following six months. Inflows over the past three months have further declined to $1 billion, indicating waning interest in the product. Additionally, investors in these ETFs are currently facing significant floating losses as the price of Bitcoin continues to decline. According to the data, the average purchase price of all $16 billion in inflows was $61,000, while Bitcoin spot prices closed at just $52,900 on Friday. This means that the total floating loss of ETF holders has reached $2.2 billion, which is a loss ratio of up to 16%.

The losses were concentrated among small groups of retail investors, known as "tourists," who typically trade through autonomous online accounts. The ETF's average trade size has fallen below $12,000, the lowest since March. Compared with other mainstream ETFs, the trading size of Bitcoin spot ETFs is still small and has failed to attract enough institutional funds.