On July 28, the total holdings of the U.S. bitcoin:native spot ETF dropped to 1,211,937.71 BTC, with a net outflow of 866.27 BTC on the day, marking the fourth consecutive trading day of net outflows. Compared to the single-day outflows of over 3,000 BTC on July 23 and July 24, this round of redemptions hasn’t expanded further, but funds still haven’t returned to net inflows. Looking at the weekly data, the cumulative net outflow for this week has already reached 1,062.88 BTC. Over the past seven trading days, the cumulative net outflow has also turned negative at 729.75 BTC, indicating that the previous phase of continuous net inflow has been almost completely erased, and short-term capital momentum has clearly cooled down. However, taking a broader view, since July, the total holdings of BTC spot ETFs have still increased by 6,268.11 BTC, making it a net increase for the month. Since 2026, cumulative holdings have decreased by 89,838.56 BTC, but from the date of listing to now, total holdings have still increased by 589,587.04 BTC. In other words, while short-term funds are retreating, long-term capital accumulation remains intact. @Gate Crypto, U.S. stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets—all in one trading platform!