Bitfinex released its latest analysis report, which pointed out that Bitcoin fell to a low of $77,041 last week, a retracement of 29.7%, the second deep correction in this bull market. At the same time, the continued outflow of US bitcoin spot ETFs (totaling $921.40 million last week) shows that institutional buyers have not yet had enough strength to offset the selling pressure. Historically, when new capital inflows slow and the cost base trend changes, it indicates that the demand environment is weakening. This trend is becoming increasingly apparent as Bitcoin struggles to stay above key levels. Without new buyers stepping in, Bitcoin could be at risk of a prolonged consolidation and possibly even further decline as weaker buyers continue to exit their positions. The key factor to watch is whether long-term holder or institutional demand will re-emerge at lower levels of the market. If investors with more deep pockets begin to absorb the Bitcoin sell-off, it could signal a shift towards accumulation, which could stabilize price action and reverse market sentiment.