In the past 7 effective trading days, bitcoin:native spot ETF has seen a total net reduction of 12,883.79 BTC, with recent capital inflows continuing to weaken. On the 16th, there was another net reduction of 4,252.09 BTC, bringing the combined reduction with the previous day to 9,604.63 BTC, completely offsetting the replenishment on the 14th. Over the past seven trading days, there were net reductions on five days, indicating that new allocations currently lack sustainability. The occasional replenishments are still insufficient to counteract subsequent reductions. On the macro level, the Federal Reserve raised interest rates by 25 basis points on the 16th, and its latest forecast also increased the median rate projections for this year and next year. In the short term, the room for improving risk appetite through easing expectations is constrained. The continuous shrinkage in ETF holdings aligns with the cautious allocation trend under such conditions, but daily data is insufficient to confirm the reasons behind each reduction. The key moving forward is whether the reductions can first narrow and then transition into consecutive days of net increases. If replenishments remain sporadic, the ETF's spot support for BTC will struggle to show significant improvement. @Gate Crypto, U.S. stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets—all-in-one trading platform.