《Three-in-One Trading System｜BTC Evening Market Analysis (2/3): On-Chain Data》— Whales and long-term holders aren’t selling, clear signs of holding tight! No major changes in today’s on-chain data. ETF outflows are narrowing, and whales aren’t selling. ETF outflows are narrowing, but there’s been net outflow for four consecutive days. On September 11, single-day outflows totaled $13.2 million, significantly narrowing compared to the previous two days. However, the trend of four consecutive days of outflows remains unchanged. Last week, cumulative outflows reached approximately $463 million, ending the prior three-week streak of net inflows. Whales aren’t selling in large volumes. Over the past 30 days, large holders are still net buyers. Hyperliquid whales placed buy orders worth approximately $74.52 million at 77,888, with the price currently hovering around 77,500, approaching the whale’s buying zone. Is this a Chinese whale? 77888 is such a lucky number for an order price! Long-term holders are leading the charge in locking up assets, reducing selling pressure. 30-day realized volatility has dropped to the 1.5th percentile in history, with long-term holders locking up assets as the key driver. The proportion of long-term holders taking profits has dropped from 88% in August to 47%, while the seller risk ratio has decreased from 16 basis points to 7 basis points. Dormant whale activity is worth noting. A wallet that had been inactive for over 10 years moved 1,260 BTC, worth approximately $100 million, with a cost basis of around $652. It’s not necessarily a sell-off, but the movement of old coins warrants attention. On-chain judgment: ETFs are selling short-term, but not heavily. Whales aren’t selling either, and long-term holders are locking up assets, reducing on-chain selling pressure. Net flows are dominated by bears, but bearish pressure is weakening.