《Three-in-One Trading System｜BTC Evening Market Analysis (2/3): On-Chain Data》 ETF inflows are slowing down, but they're still coming in. The U.S. Bitcoin spot ETF has seen net inflows for 8 consecutive trading days, but on September 28, the daily inflow was only $31 million—the lowest single-day inflow during this wave. From $999 million on September 21, the buying momentum has clearly weakened. BlackRock's IBIT saw a single-day inflow of $54.8 million, the only one holding the line. Exchange reserves are decreasing. Binance's BTC reserves dropped by about 16,000 BTC in a week, from 705,000 to around 689,000. The total holdings across exchanges have fallen to around 2.7 million BTC, nearing historical lows. Bitcoin is leaving exchanges, and supply is concentrating in the hands of long-term holders. However, a whale made a surprising move❗️ A wallet that had been dormant for over four years transferred 4,500 BTC, worth approximately $379 million. What's even more noteworthy is that a similar-sized transfer occurred on September 25. Two such moves in one week don’t necessarily mean a sell-off, but the awakening of old coins is worth paying attention to. On-chain data verdict: ETF buying momentum is fading, with net inflows plummeting. If any negative news emerges, ETF funds are highly likely to turn into net outflows, accelerating BTC price declines. After all, ETFs are known for chasing highs and dumping lows—not much different from retail investors.