《Three-in-One Trading System｜BTC Market Analysis (2/3): On-Chain Data》 Mid-sized whales are accumulating, ETFs are finally back in the green, and buy orders on the order book are surging! On October 9, Bitcoin spot ETFs saw a net inflow of $21.13M, ending a two-day streak of outflows. BlackRock's IBIT alone contributed $22.38M, pulling the entire ETF category back into positive territory. However, the weekly total still shows a net outflow of $679M, indicating that institutional opinions remain divided. Notably, BlackRock's fund flows are worth keeping an eye on. Whales are buying against the trend. Over the past 72 hours, whale groups have accumulated approximately 15,000 BTC and 166,000 ETH. Since October 1, large holders have collectively added over 14,335 BTC, valued at approximately $1.22B. But there’s one unsettling signal: a dormant wallet from 16 years ago has awakened. 100 BTC were moved from a mining address dating back to 2010, when those coins were worth just $0.06. Early miners are cashing out, realizing a 16-year, 1.6 million percent gain. The U.S. government wallet transfer turned out to be a false alarm. Over three days, 17,733 BTC were moved to institutional custody addresses, but there’s no evidence these coins were sold. It appears to be a reallocation, not a sell-off. Check out the bottom half of the chart: the value of sell orders on the order book is decreasing, while buy orders are increasing, indicating that whales or large players are accumulating. On-chain insights: Whales are accumulating BTC against the trend, but the awakening of dormant wallets is worth monitoring. On-chain structure is improving, but buying pressure still isn’t strong enough.