Foresight News reports that the Bitfinex Alpha report shows Bitcoin dropped by 10.7% in the first week of September, continuing its downward trend since the end of August, falling below the key low of $56,711 on May 1. This sell-off has led to a reduction in leveraged positions, indicating that the market may be approaching a local bottom. The performance of the US stock market, especially the S&P 500 index, which recorded its worst weekly performance since March 2023 last week, is crucial for the short-term trend of Bitcoin. The correlation between Bitcoin prices and the traditional financial markets continues to exist. In the past week, significant outflows were seen in Bitcoin ETFs, with net outflows reaching $706.10 million since August 27. In contrast, small-cap markets have shown resilience.