BTC on-chain data analysis and insights: ETF institutional funds flee another $220M! (1) Short-term holders (STH) selling at a loss, cost basis at $68.8K, loss around 4%; (2) Long-term holders (5+ years) showing increased on-chain movement, but not selling on exchanges, single-day >5,000 BTC; (3) Derivatives traders leveraging long positions, OI at $23B—this indicates crowded longs, with leverage driving the price up. If BTC price drops, longs could trigger cascading liquidations; (4) ETF institutional funds see another net outflow of $220M, signaling a potential short-term trend reversal. The behavior of these market participants shows that while the proportion of profitable supply has improved, a confirmed bull market is still absent. Be cautious of a "false breakout" repeating. Moving forward, BTC price is likely to experience wide fluctuations, or even drop to test new lows, completing the final leg of the bear market. The main driving force behind the decline will, of course, be the ETF institutional "big players.