In the last 7 effective trading days, the ethereum:native spot ETF has accumulated a net increase of 65,599.92 ETH. Although on the 15th there was a net reduction of 29,416.71 ETH, ending a two-day recovery, this reduction only retracted about a quarter of the increase in the previous two days, and most of the recently accumulated additional positions are still retained.

The cumulative total over seven days has significantly decreased compared to the previous period, which can also be attributed to the large increase on September 3rd moving out of the window, and cannot all be understood as new withdrawals. Within the same interest rate window, BTC's seven-day total has turned negative, while ETH still maintains a net increase, indicating that the ETF position structure for ETH is temporarily more resilient, but buying pressure may not continue every day.

ETH is currently closer to a process of fluctuations during the recovery, which is not yet sufficient to determine a reversal in the allocation trend. If the uncertainty of the policy decreases after the meeting, while the ETF resumes continuous increases, the spot support is more likely to continue; however, if there continues to be significant reductions, this relative advantage will also be further depleted.

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