According to CoinMeta, Bitcoin is currently fluctuating around $63,500, and the flow of funds has quietly reversed. Yusuf Fakhro, a partner of ARP Digital, stated that US spot ETF attracted over 14,000 BTC in the first five days of August, marking the strongest inflow since May, with a net inflow of about 11,000 BTC in the third quarter, while there was an outflow of 110,000 BTC in the second half of the second quarter. Spot trading volume has dropped to a two-and-a-half-year low, and perpetual contract trading volume has also reached a three-year low, with volatility approaching multi-year lows. Fakhro pointed out that current demand appears when the market is at its weakest, which is usually a sign of forming a durable bottom. He believes that Bitcoin has been hovering between $60,000 and $80,000 for six months, showing no signs of deterioration, and on-chain data has begun to exhibit characteristics of a bottom. Market sentiment has shifted from panic to caution.