《Three-Dimensional Trading System｜BTC Market Analysis (2/3): On-Chain Data》 ----ETF funds are flowing out again, and whales are reshuffling their portfolios. Spot Bitcoin ETF saw a net outflow of $65.4 million, all from BlackRock's IBIT. After turning positive for a single day, it flipped back to negative. Ethereum ETF experienced a net outflow of $542 million, totaling approximately $1.25 billion. Whales are selling BTC and buying ETH. One whale/institution cumulatively sold 837.8 BTC and bought approximately 27,500 ETH. Another anonymous whale sold 410 BTC and purchased 14,341 ETH. However, movements from ancient wallets are worth noting. A Bitcoin OG address that had been dormant for over six years transferred out all 4,582 BTC, worth $378 million. The funds were dispersed across five addresses, and it’s not yet confirmed whether they were sold. Long-term holders remain steady. The average cost for long-term holders is $48,600, with the current price up by about 72%. The buffer from unrealized gains is sufficient, showing no signs of panic. The order book shows a pile of buy orders far exceeding sell orders. Above $80K, the buying support is relatively strong, making it difficult for the price to drop below $80K in the short term. On-chain judgment: There’s significant disagreement between buyers and sellers. Short-term selling pressure is coming from ETFs and portfolio reshuffling, not panic selling.