"Three-in-One Trading System | BTC Evening Market Analysis (2/3): On-Chain Data" --- No signs of large buy or sell orders, both sides are showing caution! ETF buying has cooled off. From $999M on September 21 to $31M on September 28, a 97% drop in just one week. It rebounded to around $46M on September 29, but BlackRock's IBIT took up the majority, while other products either had negligible inflows or saw outflows. ETFs tend to chase trends—when prices stall, they slow down. Exchange reserves continue to decline. Binance's BTC reserves dropped by about 16,000 BTC in one week, from 705,000 to around 689,000 BTC. Overall exchange holdings fell to approximately 2.7M BTC, nearing historical lows. This indicates an increase in bullish sentiment and reluctance to sell. Whales are moving BTC but showing no signs of selling. A wallet that had been dormant for over four years transferred 4,500 BTC, worth approximately $379M. A similar-sized transfer occurred on September 25. Two such moves within a week, yet no on-chain evidence of the whale selling BTC—its intentions remain unclear. On-chain insights: Buying momentum has clearly weakened. If tonight's PCE data exceeds expectations, ETF funds may turn into net outflows. Exchange reserves are decreasing, with coins concentrating in the hands of long-term holders, providing support below. On-chain data also highlights the resilience of the bulls.