**[CryptoQuant: U.S. Investors' Demand for Bitcoin and Ethereum Significantly Slows, Market Awaits New Catalysts]** According to a report by CryptoQuant, U.S. investors' demand for Bitcoin and Ethereum has noticeably weakened in both the spot and derivatives markets. At the end of September, Bitcoin's price once surpassed $126,000, and Ethereum approached $5,000, but market sentiment subsequently cooled, and investors showed reduced interest in further accumulation. Indicators such as ETF inflows, spot exchange premiums, and futures basis suggest that enthusiasm among U.S. institutional and retail investors has declined. At this stage, they are more inclined toward profit-taking and cautious positioning rather than re-accumulation. Specific data shows: - U.S. spot Bitcoin ETFs have turned to a net selling state, with a seven-day average outflow of 281 BTC, marking the weakest level since April. Ethereum ETFs have seen almost stagnant inflows since mid-August, reflecting a lack of investor confidence. - Spot demand on U.S. cryptocurrency exchanges has slowed. The Bitcoin and Ethereum price premiums on Coinbase are close to zero, indicating reduced buying pressure in the U.S. spot market. Historical data shows that price increases are typically accompanied by positive premiums, while flat premiums suggest weak domestic demand. - The futures market shows similar trends. The annualized basis for CME Bitcoin futures has dropped to 1.98%, the lowest level in over two years. Ethereum six-month futures basis has fallen to 3.0%, the lowest since July, indicating reduced leveraged investment demand. Overall data suggests that U.S. investors have cooled off after the September highs, with market participants likely waiting for new catalysts before re-engaging in risk investments.