[Analysis: Bitcoin May Face Seasonal Pressure in September, Direction Depends on ETF Fund Flows and Spot Demand] CryptoQuant Research pointed out that September has long been one of the weakest months for U.S. stocks, with the S&P 500 averaging a return of approximately -0.8% over the past 50 years. Bitcoin recorded negative returns for six consecutive Septembers from 2017 to 2022, but saw positive returns in September for three consecutive years in 2023, 2024, and 2025, indicating that this seasonal pattern is weakening. In 2026, coupled with uncertainty surrounding the U.S. midterm elections, volatility may increase and prompt investors to reduce risk exposure. Analysts noted that the core issue lies in whether seasonal adjustments will evolve into widespread risk aversion, requiring close attention to ETF fund flows and spot $BTC demand. If risk-off sentiment spreads across the market, Bitcoin will face pressure; conversely, if ETF and spot demand remain strong, the traditional September pattern may once again be broken.