《Three-Dimensional Trading System | BTC Evening Market Analysis (2/3): On-Chain Data》 Over the past two days, sellers have been actively offloading, but there’s also big money waiting to buy at lower levels. The pressure from active orders has shifted to the sell side. Check out the chart below: In the past two weeks, there have been two large sell limit orders and one large buy limit order. Overall, the sell orders outweigh the buy orders. However, the spot market remains healthy. Strong spot trading volumes across major exchanges indicate good order book depth. Long-term buyers are absorbing institutional selling pressure, and the critical support near $80K is still holding strong. ETFs have seen net inflows for three consecutive weeks. Even though BTC pulled back below $80K after hitting $82K last week, spot ETFs still recorded their third consecutive week of net inflows, totaling approximately $987 million last week. BlackRock’s IBIT ETF alone saw cumulative net inflows of about $3.8 billion over the past three weeks, making it the main buying force. In total, ETFs have seen about $3.8 billion in net inflows over the past three weeks. Institutions continue to buy during the dip, with no change in direction. Now it’s just a matter of seeing whether ETF institutions will follow the trend and sell BTC after the U.S. stock market opens in the next couple of days. Whales are placing buy orders near $77,888. The largest whale address on Hyperliquid has moved its buy order range from $71,111–$75,777 up to $77,888, concentrating 956.85 BTC buy orders worth approximately $74.52 million. At the current price, only a ~1.4% pullback is needed to trigger these orders. The whale’s expectations remain unchanged—they’re waiting for a dip to buy BTC.