On September 1, the bitcoin:native spot ETF total holdings decreased to 1,257,447.30 BTC, with a net reduction of 3,153.48 BTC on that day. On August 31, there was a net increase of 2,599.33 BTC, but on September 1, it turned to outflows again, so in the last few days, there has been a clear reversal compared to the previous continuous replenishment.

In the first two trading days of this week, there was a cumulative net reduction of 554.14 BTC, and in the last 7 trading days, there was still a cumulative net increase of 11,439.31 BTC, indicating that the short-term capital advantage has not completely disappeared, but it has been significantly compressed compared to the end of August; the cumulative reduction for the start of September is 3,153.48 BTC, and since 2026, it has decreased by a total of 40,519.63 BTC.

It currently seems more like a rapid decline in funding intensity, and not all products are withdrawing simultaneously, but if this large single reduction continues, it would be easy for the recent cumulative net inflow to be further consumed.

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