《Three-in-One Trading System｜BTC Market Analysis (2/3): On-Chain Data》 ETF funds are flowing back, but the momentum is weakening. BlackRock's IBIT is currently the main buyer. Funds are concentrating on the "safest" assets, with $138 million flowing out of ETH ETFs during the same period. Exchange reserves have hit a 3-year low. Only about 2.68 million $BTC remain on exchanges, marking the lowest level since 2023. Coins are continuously leaving exchanges, reducing the supply available for immediate sale. This is a structurally positive signal. On-chain judgment: Institutional buying is ongoing, but at a slow pace, while whales are swapping positions. The supply side is tightening, which is a medium-to-long-term bullish signal. However, there’s significant short-term divergence between bulls and bears—whales are battling it out!