On September 9, the total holdings of ethereum:native spot ETFs dropped to 6,285,137.40 ETH, with a net reduction of 14,555.50 ETH on the day, marking the second consecutive effective trading day of net reductions. The cumulative change on September 8 and 9 resulted in a decrease of 30,816.58 ETH. Over the past 7 effective trading days, there’s still been a cumulative increase of 81,194.00 ETH, with a total increase of 29,195.59 ETH in September and 169,669.82 ETH since 2026. Over the longer term, net holdings remain in an upward trend, but the accumulation of holdings from early September has been significantly weakened over the past two days. On the day, 4 products increased holdings, 4 reduced holdings, and 5 showed no change. Products with increased holdings added a total of 8,933.13 ETH, while those with reduced holdings decreased by a total of 23,488.63 ETH. The new holdings could only offset about 38% of the reductions. The two largest reductions were 9,997.15 ETH and 9,687.77 ETH, accounting for approximately 84% of the total reductions. Therefore, the 4-to-4 product count does not reflect a near balance in the scale of increases and reductions. Compared to September 8, the net reduction on the day narrowed by about 10.5%, but this does not indicate that the reduction pressure has eased. The total increase in holdings rebounded from 91.67 ETH the previous day to 8,933.13 ETH, while the total reduction in holdings also rose from 16,352.76 ETH to 23,488.63 ETH. The narrowing of net reductions mainly came from a recovery on the increase side, while reductions continued to expand on the day. To determine whether the capital situation can improve moving forward, we need to see both sustained increases and a decline in reductions—just a smaller net outflow is not enough. @Gate Crypto, US stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets—all in one platform!