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To address a long‐existing debate on what copper species are responsible for efficient CC coupling, especially ethanol formation, in electrochemical CO₂reduction reaction, herein, a comprehensive study using Cu₃N nanocubes with a uniform size and shape, alongside a single crystalline phase is reported. The Cu₃N nanoensemble electrode has a remarkable Faradaic efficiency (FE) of 64% for ethanol production at a relatively low potential of −0.6 V versus reversible hydrogen electrode. Throughin‐operandoX‐ray absorption spectroscopy study, a dynamic phase evolution that directly correlates with changes in FE across varying applied potentials is observed. Notably, the nanoensemble with a composition of ≈71% Cu⁺and 29% Cu⁰is identified as being selective for ethanol formation at the low overpotential. Conversely, a predominantly metallic Cu phase formed at potentials more negative than −0.6 V favors the hydrogen evolution reaction. Density functional theory calculations at the Cu₃N–Cu interface substantiate that the coexistence of Cu⁰–Cu⁺not only energetically favors the ethanol reaction pathway but also destabilizes the intermediates for ethylene pathway.