On September 10, the total holdings of bitcoin:native spot ETFs dropped to 1,264,573.56 BTC, with a net reduction of 3,406.16 BTC on the day. This marks the second consecutive effective trading day of net outflows, and compared to the 2,026.34 BTC outflow on September 9, the single-day outflow scale expanded by about 68%. On that day, only 1 product saw a net increase in holdings, while 6 products had net reductions and 6 remained unchanged. Total inflows were just 51.58 BTC, whereas total outflows reached 3,457.74 BTC, showing a clear bias toward reductions. The largest single outflow amounted to 2,130 BTC, accounting for about 62% of the total outflow for the day. So, this wasn’t a case of many products slightly reducing positions—it was a few large sell orders that pushed the overall direction into negative territory. Currently, the cumulative net increase over the past 7 effective trading days is still 3,974.58 BTC, with a total increase of 3,972.72 BTC since the start of September. While the short-term cycle hasn’t officially turned into net outflows yet, the capital advantage built earlier has been rapidly compressed. @Gate Crypto, U.S. stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets—all in one trading platform!