《Three-Dimensional Trading System｜BTC Market Analysis (2/3): On-Chain Data》 ETF funds from fence-sitting institutions are flowing out, while whales are withdrawing BTC from exchanges! Divergences are emerging again! Yesterday, BTC spot ETFs saw a net outflow of $487 million, marking the largest single-day outflow since June 25. The $119 million inflow from the previous day not only got completely reversed but also resulted in a net loss of $368 million. BlackRock's IBIT led the outflows with $208 million. Even BlackRock couldn’t hold on. Whales are withdrawing BTC, not depositing it. According to Glassnode data, the trend of whales depositing BTC into exchanges has stopped since late August, with the 30-day moving average consistently negative. The largest short-term selling source has indeed dried up—this round of decline wasn’t caused by whales dumping. However, exchange reserves are still decreasing. On Monday, 24,073 BTC left exchanges, marking the largest single-day outflow in seven months. Exchange reserves have dropped to just 6.50% of the total supply. The amount of BTC available for immediate sale is shrinking—this is structural. On-chain analysis: Buying pressure is retreating. While buying activity is cooling off and supply is tightening simultaneously, BlackRock has started selling BTC. Short-term outlook is bearish, but the mid-term structure remains intact.