《Three-Dimensional Trading System｜BTC Market Analysis (2/3): On-Chain Data》 —— Switzerland approves BTC spot ETF fund, giving BlackRock an extra boost! After BlackRock’s massive buy yesterday, today’s inflow dropped sharply by 95%. Funding rates aren’t overheated, indicating leveraged longs aren’t chasing the rally crazily. Today, net inflows from spot ETF institutions narrowed to $29.86 million. The large inflow on the 19th was a one-day concentrated purchase, not a full-scale institutional comeback. However, here’s a major piece of good news: Switzerland has opened an unprecedented door for Bitcoin. FINMA has approved the first spot Bitcoin ETF for retail investors, exempting it from mandatory diversification requirements. This isn’t just allowing Bitcoin purchases—it’s allowing the fund to go all-in on BTC. The world’s strictest regulatory body has made an exception for BTC. This is a structural long-term bullish signal. Mid-sized whales are still buying BTC. Mid-sized whales (10-10,000 BTC) are the main buyers, with total holdings reaching 13.69 million BTC—a six-month high. The buying volume of this group is roughly 33 times the amount purchased by Strategy during the same period. However, super whales (>10,000 BTC) are still net sellers. The net selling rate has narrowed to near zero but hasn’t yet turned into net buying. Exchange BTC spot reserves: Slight uptick, but not a sell-off signal. According to the latest CryptoQuant data, exchange BTC reserves have risen from approximately 2.67 million BTC at the beginning of October to about 2.68 million BTC. Compared to January levels, current reserves are still at a low point. On-chain judgment: BlackRock’s single-day inflow dropped sharply by 95%, and large inflows lack sustainability. Switzerland’s green light is a long-term bullish signal. Short-term buying pressure isn’t strong enough—patience is key for the eventual breakout.