"Three-Dimensional Trading System | BTC Market Analysis (2/3): On-Chain Data" --- Buy and sell order amounts are starting to shrink. ETFs have seen two consecutive weeks of outflows, but the nature of these outflows is changing. Bitcoin spot ETFs have had a net outflow for two weeks in a row. Since October, the total net outflow has reached approximately $615 million. BlackRock's IBIT led the outflows last week with $165 million—looks like even BlackRock is feeling the pressure. Whale accumulation is slowing down. According to the latest data from CryptoQuant, addresses holding 100-1,000 BTC have continued net accumulation over the past 60 days, but the pace is slower compared to the peak at the end of September. Addresses holding 1,000-10,000 BTC are seeing near-zero net outflows. Super whales holding over 10,000 BTC are still net sellers. Overall whale accumulation has not fully kicked off yet. Exchange reserves have slightly rebounded, rising from 2.67 million BTC at the start of October to around 2.68 million BTC, but still far below January levels. The reserve increase may be due to custody adjustments and shouldn't be directly interpreted as increased selling pressure. On-chain insights: ETFs are selling, but the outflows are concentrated in a few accounts—not a full-scale retreat. Whale accumulation is slowing, super whales are still reducing holdings, and accumulation hasn't spread widely. Short-term buying power isn't strong enough, but there's no sign of panic selling either.