Key Information Points and Conclusions of Bitcoin on May 29-30 ✅ ETF net outflow for 10 consecutive days: On May 29th, the Bitcoin spot ETF had a net outflow of approximately $125 million, recording a net outflow of funds for the 10th consecutive trading day. Approximately $2.8 billion has been withdrawn in the first 9 trading days, and with the addition of $125 million on the 10th day, the cumulative net outflow has exceeded $2.9 billion. The consecutive net outflow days of Ethereum spot ETF have expanded to 14 trading days. ✅ Serious divergence between the US stock market and the cryptocurrency market: Yesterday evening, the macro outlook released positive news, and all US stocks closed higher. The S&P 500 rose for the ninth consecutive week, and the Nasdaq rose 8.36%, setting a record for the longest consecutive rise since December 2023. But after testing only 74200, Bitcoin fell back again. This divergence indicates that funds did not interpret macro positive news as a reason to go long, but instead encountered selling pressure during the rebound process. ✅ Whales continue to reduce their holdings and the on chain structure deteriorates: CryptoQuant's report shows that the annual growth rate of whale account balances holding 1000 to 10000 BTC has turned negative, marking the fastest contraction rate since the beginning of this year. This is similar to the structure of the bear market in 2022. Whales' shift from continuous increase in holdings to moderate decrease is an important signal of bearish allocation. ✅ Coinbase premium drops to three-month low: Bitcoin's Coinbase premium index drops to -0.17, the lowest in over three months, reflecting continued weak demand from US investors. ✅ Short positions dominate the options market: As the monthly option expiration approaches (with a size of approximately $9 billion), if Bitcoin's expiration date is still below $74000, only $306 million of call options are in price. The total number of put options with an exercise price of $74000 or more reaches $1.05 billion, giving short positions a significant advantage. The above signals are not isolated, they all point to one conclusion: Bitcoin is experiencing its most severe structural demand collapse since the bull market peak in October 2025. The current on chain structure is highly similar to that of March 2022, just before the bear market broke out, and the market is severely decoupled from the global trend of risk assets. The largest holder stopped increasing their holdings, spot buyers disappeared, apparent demand turned negative to -63000 BTC, the longest continuous outflow in ETF history, accumulating $2.9 billion on the 10th, and weak US demand (Coinbase premium -0.17) - five signals simultaneously point to the current bearish situation of Bitcoin. ❤️ Kind reminder and suggestion: (1) If the price rebounds later, go short and lay out short positions in the middle line. Short selling is the main strategy! (2) Don't bargain with Bitcoin and Ethereum at current prices, as a deep bear is approaching and a sharp drop is imminent! BTC, Bitcoin 3D Integrated Trading Analysis, 5th Wave Open ETF Continuous Outflow