Three Dimensional Integrated Trading System | BTC Evening Latest Market (2/3): On chain Data - On chain Structure: ETF continues to receive large inflows, but Giant Whale stopped increasing its holdings in September. ETF funds are currently the most clear buying force. On September 21st, the net inflow was 998.9 million US dollars, reaching a new high for the year; On September 22, there was a continued inflow of $714.7 million, marking the fourth consecutive day of net inflow. Over the course of four days, the cumulative inflow was approximately 2.3 billion US dollars, with BlackRock IBIT, Fidelity FBTC, and ARKB, the top three products, almost monopolizing the entire inflow. However, the behavior of the giant whale underwent significant changes in September. During August, medium-sized whales holding 100-1000 BTC increased their holdings by about 73300, while super large whales holding over 10000 BTC increased their holdings by about 43300. By September, the cumulative trend score of Glassnode had dropped to nearly 0, indicating that large entities as a whole were shifting towards asset allocation or no longer making meaningful increases in holdings. The giant whale went from being a "buyer" in August to a "no buy" in September. The demand for spot goods has not yet turned positive. The cumulative spot demand for 30 days is still in the negative range of -180000 BTC. Prices are rising, but total demand has not yet turned positive, indicating that the increase is more driven by "reduced selling pressure" rather than sustained "increased buying". Exchange fund flow: Overall net outflow in September, leaning towards accumulation. The trading platform experienced net outflows throughout September, and Bitcoin continued to leave the exchange, which usually means that short-term selling pressure is relatively light and tends to accumulate rather than distribute. On chain judgment: The continuous large inflow of ETFs constitutes a short-term bottom line, but Giant Whale stopped increasing its holdings in September, and spot demand has not turned positive. There is a divergence in the on chain structure between buying ETFs and not buying whales, and the market structure is still relatively fragile.