《Three-in-One Trading System｜BTC Latest Evening Market Update (2/3): On-Chain Data》— Will Bitcoin drop back to $83,500, giving those who missed out a chance to hop on? On-Chain Structure: Large ETF inflows, institutional buying returns. Yesterday, ETF institutions saw a net inflow of approximately $1 billion, which was the core driver behind breaking the $83,500 bull market confirmation line. This is completely different from September 17, when "only IBIT had inflows." Institutional buying is making a full comeback. No systemic selling from whales; position rotation continues. In early September, whales briefly turned to net sellers, but over the past week, while large wallet holdings have decreased, small wallets have been accumulating. Some funds are selling $BTC on Hyperliquid and buying $ETH—this is position rotation, not an exit. Short-term holder selling pressure has been released. The number of tokens held for less than 155 days flowing into exchanges spiked previously, but the current price is far above the short-term holders' cost line (around $71,000), so there’s no new panic selling pressure being triggered. The "Great Redistribution" phase for long-term holders is nearing its end. The two-year selling cycle of veteran whales is coming to a close, with the number of reactivated old wallets down by more than half compared to last year. This is a structurally positive shift. On-Chain Insights: Large ETF inflows, institutional buying returns; whales are reducing positions during the rebound but not liquidating, with some rotating into $ETH; Short-term holder selling pressure has been released, and the long-term holder selling cycle is nearing its end. On-chain structure is improving, resonating with the breakout on higher volume.