《Three-in-One Trading System｜BTC Market Analysis (2/3): On-Chain Data》 ---- ETFs are seeing massive outflows, but whales and institutions are buying. On October 14, U.S. spot Bitcoin ETFs saw a net outflow of $261 million, with Fidelity's FBTC leading the way at $153 million, followed by BlackRock's IBIT at $111 million. So far in October, the cumulative net outflow is approximately $537 million, indicating institutional funds are retreating. Short-term investors are also selling Bitcoin to lock in profits. Of the BTC deposited into exchanges in early October, about 86% came from short-term holders in a profitable position. Their cost basis is around $75K, so they’re still in profit, creating strong selling pressure. But whales are accelerating their accumulation. According to CryptoQuant, whale holdings have reached 3.03 million BTC, the highest since November 2025, with the monthly accumulation rate being the fastest since February. This isn’t bearish—it’s accumulation. Institutions are also buying the dip during crashes. Strive purchased 2,822 BTC during the CPI sell-off, worth $235 million, bringing their total holdings to 35,595 BTC. Real money is stepping in to buy between the $80K-$83K range. On-chain judgment: Short-term selling pressure is coming from ETFs and short-term profit-taking, but the structure of long-term holders remains intact for now. This is a "ETFs selling, whales buying" divergence scenario.