On September 17, the net reduction of ethereum:native spot ETF was about 27,800 pieces, continuing a decline for three consecutive days. Previously, on September 11 and 14, there was a total increase of about 112,900 pieces, but in the following three days, approximately 133,900 pieces were reduced, effectively reversing all the recent gains and additionally reducing by about 21,000 pieces.

In the last seven trading days, the total net reduction was about 47,800 pieces, and this month has shifted from a net increase to a net decrease of about 4,042 pieces. The increases from a few days ago could not be sustained and were quickly offset by subsequent reductions.

The good news is that the reduction on that day was approximately 64% less than the day before, indicating a slowdown in the rate of decline. However, the amounts added back are still too small; the four products together increased by about 1,328 pieces, while another four products together decreased by about 29,152 pieces, equivalent to less than five pieces added back for every 100 pieces reduced.

Therefore, even if the number of products increased and decreased is the same, the overall positions still significantly decreased. Moving forward, it is necessary to see if the reductions can continue to decrease and if the increases can significantly rise and be sustained for several days. Simply reducing positions is insufficient to replenish the holdings reduced in the last three days.

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