《Three-Dimensional Trading System｜BTC Latest Evening Market Update (2/3): On-Chain Data》--- Can ETF institutional inflows hold off the price drop? On-chain structure: ETFs have seen five consecutive days of inflows, but daily inflows have sharply declined, and whales have stopped accumulating. ETF funds are still flowing in, but the momentum is weakening. On September 23 (Eastern Time), Bitcoin spot ETFs saw a net inflow of $347 million, marking the fifth consecutive day of inflows. BlackRock's IBIT brought in $166 million, Fidelity's FBTC added $143 million, while other products contributed almost nothing. The five-day cumulative inflow is approximately $2.34 billion, but daily inflows have dropped significantly—from nearly $1 billion on September 21, down to $714 million, and then $347 million. The inflow rate is rapidly decelerating. Whales stopped accumulating in September. During August, mid-sized whales holding 100-1,000 BTC accumulated approximately 73,300 BTC, while large whales added around 43,300 BTC. However, in September, Glassnode's accumulation trend score has dropped to near zero, indicating that major entities have shifted to asset allocation or ceased accumulating. Whales have transitioned from buyers in August to mere spectators in September. Spot demand remains negative. The 30-day cumulative spot demand is still at -180,000 BTC, staying in negative territory. The price increase is more driven by "reduced selling pressure" rather than "enhanced buying activity." On-chain analysis: ETFs have seen five consecutive days of inflows, but daily inflows are sharply declining, and buying momentum is rapidly weakening. Whales stopped accumulating in September, and spot demand remains negative. ETFs are buying, whales are not, and spot demand is in the red. The on-chain structure appears fragile, leading to natural price corrections.