On September 8, the total holdings of ethereum:native spot ETFs dropped to 6,299,693.18 ETH, with a net outflow of 16,261.09 ETH on the day. This was a relatively significant single-day outflow, and unlike BTC, ETH didn’t just experience a slowdown in inflows—it directly turned into a weaker day. However, if we look at a longer time frame, ETH hasn’t completely shifted out of its strong position yet. Over the past seven days, there’s still been a cumulative net inflow of 128,313.07 ETH. Since the start of September, the cumulative net inflow stands at 43,751.37 ETH, and since 2026, the total cumulative net inflow is 184,225.61 ETH. So, this seems more like a noticeable pullback after a period of significant inflows, rather than a complete reversal of the trend. For now, I’d interpret ETH’s current state as having a medium-term trend that remains relatively strong, while short-term capital momentum is starting to cool off. If we see a return to net inflows in the next day or two, this would look more like a normal pullback. But if core products like Fidelity’s continue to see consistent outflows, ETH’s ETF capital advantage in this cycle could start to weaken. @Gate Crypto, US stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets—all-in-one trading platform.