Three dimensional integrated trading system | BTC latest market trend at night (2/3): on chain data ——On chain structure: ETF inflows are slowing down, but the selling pressure on long-term holders is weakening. The ETF has had a net inflow for 6 consecutive days, with a cumulative inflow of approximately 2.84 billion US dollars over the 6 days. But the daily inflow decreased from 999 million on September 21 to 191 million on September 24, a decrease of 81%. BlackRock IBIT accounted for 85% of the inflow on September 24th, while the rest of the products were almost stagnant. The buying momentum of ETFs is rapidly declining, which is the most direct source of short-term selling pressure. However, there is also a positive change: the selling of long-term holders is slowing down. According to CryptoQuant's data, the 30 day supply change for long-term holders narrowed from a decrease of 105900 at the end of August to a decrease of 21700 on September 20th, with the outflow rate slowing down nearly five times. The most intense moment of throwing pressure has already passed. The giant whale is buying when it falls. On chain monitoring shows that a whale address has purchased 2460 BTC in the past 20 days, with a total value of approximately 194 million US dollars and an average purchase price of approximately 78966 US dollars. On September 24th, when BTC fell to around 83000, the address added 536.93 coins. This is not a shouting order, it's real gold and silver being accepted. Exchange reserves are still at a high level. Binance BTC reserves reached 702900 on September 19th, the highest since 2026. This means that there are more 'sellable chips' hanging above the potential supply. On chain judgment: ETF inflows have slowed down by 81%, and short-term buying momentum is declining. But the selling pressure of long-term holders has slowed down by 5 times, and the giant whale is picking up goods when it falls, and the accumulated signals on the chain are strengthening. There is a transition in market structure between ETF slowdown and whale takeover. 84000-85000 is a cost intensive area for long-term holders. Holding it holds the logic of accumulation, while falling below it may release potential selling pressure from exchange reserves. At present, the price has held steady and has not continued to plummet in the short term!