On September 9, the bitcoin:native spot ETF reported a total holding of 1,265,877.98 BTC, with a net decrease of 4,128.50 BTC for the day. However, this time we need to separate the impact of missing reports. Specifically, 2,102.16 BTC came from a product that reported zero holdings for the day. The spreadsheet formula treated the blank as part of the calculation, resulting in a corresponding negative value, which cannot be directly interpreted as an actual redemption. Even without considering the missing report, the day still saw a net reduction in holdings, breaking the previous streak of 4 consecutive trading days with net increases. What’s more concerning now is the small scale of additions, rather than attributing the total decline caused by missing reports entirely to fund withdrawals. Based on the reported data, the past 7 effective trading days saw a cumulative increase of 7,877.91 BTC, with a 5,277.14 BTC increase so far in September. However, since 2026, there has still been a net decrease of 32,088.96 BTC. That said, these cumulative metrics and holding proportions are also affected by missing reports and will need to be reviewed once the data is complete. What can be determined for now is that the replenishment efforts for reported products have weakened. Whether there’s a larger-scale withdrawal overall cannot be concluded from this incomplete daily holding data. @Gate Crypto, US stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets—all-in-one trading platform.