On September 10, the total holdings of the ethereum:native spot ETF fell to 6,272,905.09 ETH, with a net reduction of 12,232.01 ETH on that day, marking the third consecutive effective trading day of net outflow. This indicates that the selling pressure has not ended, but it has not accelerated marginally.

On that day, there were a total of 4 products with net increases, 5 with net reductions, and 4 that remained unchanged. The total inflow was approximately 10,062.01 ETH, while the total outflow was about 22,294.02 ETH. The issue lies in the high concentration of funds, with the largest single inflow nearing 9,997.15 ETH, accounting for about 99% of the total inflow for the day.

In contrast, the two largest outflows combined reached about 17,749.52 ETH, accounting for nearly 80% of the total outflow. So on the surface, there were 4 products with increasing holdings, but the buying pressure capable of offsetting the selling pressure was mainly concentrated in one product.

In the recent 7 effective trading days, ETH has still accumulated a net increase of 16,964.64 ETH, with a total increase of 16,963.27 ETH since September, but compared to the previous days, the outflow has significantly weakened over the past three consecutive days. The positive side is that since 2026, there has still been a cumulative increase of 157,437.51 ETH, and the medium-term capital structure remains stronger than BTC; however, in the short term, it has shifted from continuous large inflows to consecutive reductions.

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