On September 9, the total holdings of the ethereum:native spot ETF fell 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 reduction. The changes from September 8 and 9 combined resulted in a reduction of 30,816.58 ETH, while the last 7 effective trading days still showed a cumulative increase of 81,194.00 ETH, and since September, there has been an increase of 29,195.59 ETH, with an increase of 169,669.82 ETH since 2026.

Long-term holdings still show a net increase, but the accumulated position increase at the beginning of September has been significantly weakened over the past two days.

On that day, 4 products increased their holdings, 4 products decreased their holdings, and 5 had no change. The total increase from the increasing products was 8,933.13 ETH, while the total decrease from the decreasing products was 23,488.63 ETH, which means the new holdings can only offset about 38% of the reductions. The two largest reductions were 9,997.15 ETH and 9,687.77 ETH, together accounting for about 84% of the total reduction, so the equal number of increasing and decreasing products does not indicate that the scale of increases and decreases is nearly balanced.

Compared to September 8, the net reduction scale on that day shrank by about 10.5%, but this does not mean that the pressure of reduction has eased. The total increase rose from the previous day's 91.67 ETH to 8,933.13 ETH, while the total reduction increased from 16,352.76 ETH to 23,488.63 ETH. The narrowing of the net reduction mainly came from the recovery on the increasing end, while the decreasing end was still expanding that day. To judge whether the fund's status can improve, it is necessary to see both the continuation of increases and a decline in reductions; merely having a smaller net outflow number is not enough.

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