Demand for cryptocurrency exchange-traded funds (ETFs) has fluctuated after experiencing a record-breaking eight consecutive weeks of outflows, totaling $8 billion. Despite some capital returning in July and early August, with Bitcoin ETFs seeing net inflows of $403 million and Ethereum products $359 million in July, US spot Bitcoin ETFs, after attracting approximately $865 million between August 3 and 7, saw net outflows of about $198 million from August 10 to 12. Analysts note that in the current bear market and macroeconomic environment, investor risk appetite has decreased, making ETF demand more price-sensitive. Their behavior increasingly resembles other large investment vehicles, with investors buying when risk is attractive and redeeming otherwise.