September 1: bitcoin:native spot ETF total holdings dropped to 1,257,447.30 BTC, with a net outflow of 3,153.48 BTC on the day. On August 31, there was just a net inflow of 2,599.33 BTC, but by September 1, it flipped back to outflows. So, in recent days, the previous steady replenishment has shifted to noticeable fluctuations. In the first two trading days of this week, there was a cumulative net outflow of 554.14 BTC. Over the past 7 trading days, there’s still a cumulative net inflow of 11,439.31 BTC, indicating that short-term capital strength hasn’t completely disappeared yet, but it’s clearly been compressed compared to the end of August. The start of September has seen a cumulative decrease of 3,153.48 BTC, and since 2026, there’s been a total decrease of 40,519.63 BTC. Right now, it seems more like a rapid decline in capital intensity rather than a simultaneous withdrawal across all products. However, if we continue to see large single-product outflows like this, the cumulative net inflow over the past 7 trading days could easily be wiped out. @Gate Crypto, U.S. stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets—all-in-one trading platform.