《Three-Dimensional Trading System | BTC Market Analysis (2/3): On-Chain Data》 The super whales have stopped dumping—this is the most significant on-chain change this week, but the price still can’t break out! According to Glassnode data, the trend of BTC whales making net deposits to exchanges has come to a halt. This trend lasted for over three months since summer, which is twice as long as similar trends in 2023. It ended in late August, and since then, the net flow has remained negative. The largest short-term selling pressure has subsided. But ETF fund flows have been fluctuating. Last week, spot Bitcoin ETFs saw a net inflow of $241M, marking the third consecutive week of inflows, with cumulative net inflows reaching $57.8B. Yesterday (October 5), there was a net outflow of $89.9M, eating into the $293M inflow from the previous two days. BlackRock’s IBIT saw a contrarian inflow of $69.9M, while Fidelity’s FBTC and ARKB were the main sources of outflows. Exchange reserves hit a 3-year low. There are only about 2.68M BTC left on exchanges, the lowest level since September 2023. Coins continue to leave exchanges, reducing the supply available for immediate sale. On-chain judgment: Institutional buying hasn’t formed a sustained one-sided trend, and ETF institutional inflows are showing signs of weakening. The tightening supply side is a medium-term bullish signal, but short-term buying momentum remains unstable.