On September 9, the total position of the bitcoin:native spot ETF was 1,265,877.98 BTC, with a daily change reflecting a net decrease of 4,128.50 BTC. However, it is necessary to separate the impact of missing reports, of which 2,102.16 BTC came from a product with no position for the day; the spreadsheet formula counted the blanks, resulting in corresponding negative values, which cannot be directly identified as actual redemptions.

Even without considering the missing report products, the day still showed a predominance of reductions, interrupting the net increase observed over the previous four effective trading days. What needs more attention currently is that the scale of the increase is too small, and we cannot attribute the total decline solely to fund withdrawals caused by the missing reports.

According to the on-table standards, the total increase over the last seven effective trading days is 7,877.91 BTC, with an increase of 5,277.14 BTC since September, and a decrease of 32,088.96 BTC since 2026.

However, these cumulative indicators and position proportions are also affected by the missing reports and need to be verified once the data is complete. What can be determined at present is that the recovery efforts of the reported products have weakened; it is still uncertain whether there has been a larger scale of withdrawals, and we cannot draw conclusions based on this incomplete daily position.

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