《Three-Dimensional Trading System｜BTC Evening Market Analysis (2/3): On-Chain Data》 Today, there are signs of recovery in on-chain data, but buying power remains weak. The bulls just don’t have the stamina! ETF spot institutions have turned to net inflows. On Monday, U.S. spot Bitcoin ETFs recorded approximately $160 million in net inflows, ending the previous four consecutive days of outflows. BlackRock’s IBIT and Fidelity’s FBTC were the main contributors to the inflows. This is the first positive signal of the week, but the single-day inflow volume is still not enough to reverse the overall trend of three weeks of inflow cessation. The whale buy wall is still there, but it might get liquidated later. Hyperliquid whales still have a $74.52 million buy order at 77,888, and as prices dipped today, it’s once again approaching this level. The whales haven’t canceled the order, indicating their willingness to hold their position hasn’t changed. Long-term holders continue to lock up their assets, but they’re not showing enthusiasm for buying either. The 30-day realized volatility remains at historically low levels, and the structure dominated by long-term holders locking up their assets hasn’t changed. The profit-taking ratio has dropped from 88% in August to 47%, and the seller risk ratio remains low. Selling pressure from short-term holders is weakening. Since August 19, short-term holders have been transferring their tokens, but the intensity has significantly decreased, and there hasn’t been a concentrated wave of exchange deposits. On-chain judgment: ETFs have turned to net inflows, whale buy walls remain intact, long-term holders are locking up assets, and on-chain selling pressure is easing. Buying power is still weak, but there’s marginal improvement. Looking at the capital flow between buyers and sellers on-chain, buyers are consistently accumulating at lower levels, preparing for a long-term battle rather than sounding the rallying cry for a big push. Sellers, on the other hand, are selling whenever prices rise, focusing on short-term arbitrage.