In the past 7 effective trading days, the Ethereum:native spot ETF has cumulatively converted to a net reduction of 36,229.90 ETH. On the 16th, the single-day net reduction was 76,665.48 ETH, with the reduction scale significantly expanded. The total reduction on the 15th and 16th has already recouped about 94% of the increase on the 11th and 14th.

The seven-day cumulative shift to negative also includes the impact of the positive increase exiting the window on September 4th, but the actual reductions in the last two days have caused most of the previously concentrated replenishment to disappear.

In the context of the Federal Reserve's interest rate hikes and upward revisions of interest rate forecasts, I tend to believe that the previously resilient short-term allocation demand for ETH is being tested. The Fed's economic forecast. Although the totals since September and for the year remain positive, it cannot be concluded that the long-term allocation trend has reversed, but it is also difficult to see the changes over these two days as merely a slight retreat.

What needs to be observed going forward is whether the large reductions can be quickly brought to an end, and whether the replenishments can be sustained and expanded to more products; if the reductions continue, the remaining incremental holdings of ETH within the month will also be further consumed.

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