《Three-in-One Trading System｜BTC Evening Market Analysis (2/3): On-Chain Data》 Over the past two days, selling pressure has significantly increased, while buying power is weakening. ETFs have seen net outflows for two consecutive days. Although the outflow amount isn’t huge, about $120M flowed out yesterday—more than double Tuesday’s amount. Over the past three weeks, ETFs had a cumulative inflow of approximately $3.8B, but the inflow momentum has now stalled. The average holding cost for ETFs is around 72K-73K, so when the price drops to this range, it will serve as a relatively important support level. Short-term holders are transferring their tokens to exchanges. Since August 19, short-term holders have transferred approximately 549,300 BTC to exchanges. While it’s unclear if all of it has been sold, the selling pressure signal is evident. Whales and long-term holders are dominating market fluctuations. According to Glassnode data, the supply held by whales and long-term holders explains BTC’s one-month realized volatility better than factors like market cap, open interest, or funding rates. Over 71% of BTC is in a profitable state, close to the historical average of 74.7%. Historically, this level often coincides with the transition period from bear to bull markets. On-chain analysis: ETF inflows have stalled, and short-term holders are taking profits, but the structure of long-term holders remains intact. Buying power is weakening, so it’s worth monitoring whether ETF outflows continue.