《Three-Dimensional Trading System｜BTC Market Analysis (2/3): On-Chain Data》 ETF funds are flipping again and again—so unpredictable it’s almost funny! Yesterday, BTC spot ETFs saw a net inflow of $119 million, with BlackRock’s IBIT alone pulling in $122 million, completely recovering the $89.9 million outflow from the day before. Outflow one day, inflow the next—it changes daily. BlackRock is constantly accumulating; otherwise, the price would’ve dropped already. Whales are withdrawing BTC, not depositing. Glassnode data shows that the trend of whales depositing BTC to exchanges stopped at the end of August, with the 30-day moving average consistently below zero. The biggest short-term selling pressure has indeed cooled off. Mid-sized whales holding 10-10,000 BTC have accumulated 86,702 BTC over the past three weeks, reaching their highest holdings since April. Retail investors are selling, while mid-sized whales are buying. On-chain judgment: ETF institutions and mid-sized whales are accumulating, supply is tightening, and buying pressure is building up. This is a medium-term bullish signal. However, short-term buying momentum is also weakening.