On September 8, the total holdings of the ethereum:native spot ETF fell to 6,299,693.18 ETH, with a net reduction of 16,261.09 ETH on that day. This represents a significant single-day outflow, and unlike BTC, ETH did not see a slowdown in inflow that day; instead, it directly turned into a relatively weak day.

However, if we extend the observation period a bit, ETH has not completely turned bad from its strong state yet. Over the past seven days, there has been a net increase of 128,313.07 ETH, with a cumulative net increase of 43,751.37 ETH since September, and a cumulative net increase of 184,225.61 ETH since 2026. Therefore, it seems more like a notable pullback after a series of significant inflows rather than a reversal of the entire trend.

So, we can interpret ETH's current status as still being relatively strong in the medium-term trend, while short-term capital intensity is starting to cool off. If in the next day or two, net inflows can be resumed, then this looks more like a normal pullback; however, if continuous outflows from core products like Fidelity continue, the capital advantage of this round of ETH ETF might start to weaken.

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