Three dimensional integrated trading system | BTC evening market analysis (2/3): on chain data ——Take you to see the flow of funds and short-term trend direction between BTC buyers and sellers Before the release of CPI data, BTC prices met my expectations: a narrow range of fluctuations in the 77K-81K range was accumulating momentum. The on chain data of the past two days has mixed long and short signals, but there are several key changes worth paying attention to. 1. The giant whale is receiving goods at 77600. On Tuesday, BTC quickly recovered after reaching a low of 77603, indicating that there is buying activity around 77600. A giant whale that has been dormant for 8 months has re entered the market, buying 179.8 BTC (about 14.2 million US dollars) at an average price of 78955, and currently holding 74.32 million USDC waiting to continue buying. Placing orders below 77K to support the bottom is a real existence. 2. There has been no significant increase in the inflow of large transactions. Despite significant price fluctuations, the amount of large BTC transferred to the exchange has not increased significantly. This usually means that large investors have not distributed chips to the exchange on a large scale, and the potential systemic selling pressure is limited. 3. There is a divergence in the direction of ETFs. On Tuesday, the net outflow of Bitcoin spot ETF was about $46.64 million, ending three consecutive days of inflows. The main reason for the outflow of 65.5 million grayscale GBTC is that BlackRock IBIT still received 10.65 million. Structurally, there are still buying orders accepted, but the intensity has weakened. The net assets of ETFs have fallen to $99.5 billion, but remain at a high level. 4. About 71% of the supply is in a profitable state, and 82K selling pressure is accumulating. On chain data shows that over 71% of BTC supply is in a profitable state. This means that if the price returns to above 82000 again, there will be more chips available for profit taking than in May. The selling pressure of 82K-83K is a real existence, not simply a psychological resistance. SOPR (Cost Output Profit Rate) has been on the top spot for three consecutive weeks. SOPR has remained above the breakeven line for three consecutive weeks since August 19th, setting a record for the longest period since 2026. But the absence of trading volume means that there is a gap between the profit structure on the chain and actual buying, and direction confirmation still needs to be observed. From Xiaolong's perspective: Why is the Bitcoin price still unable to stabilize above $80000 despite the net inflow of $1 billion in ETFs over the past three days, the takeover by the giant whale, and the lack of amplification in exchange inflows? Is the market waiting for CPI as a catalyst to break the balance between long and short positions, as there is a takeover below and pressure above? On the evening of September 10th at 7 pm, I will join several KOLs at the Twitter SPACE event hosted by XT Exchange to further analyze these two questions in a more professional and detailed manner. There will also be airdrop rewards during the event ：$ 200 contract experience fee! Please refer to the tweet cited below for specific activity links