Three dimensional integrated trading system | BTC market analysis (2/3): on chain data ETF inflows exceeded 1 billion yuan in three days, BlackRock and Fidelity are buying, and there is differentiation in buying and selling of Whale! On October 21st, the net inflow of US spot Bitcoin ETF reached 528 million US dollars, marking the third consecutive day of inflow. BlackRock's IBIT inflow was 235 million, and Fidelity's FBTC inflow was 213 million, accounting for 85% of the total. Over three days, the cumulative inflow exceeded 1 billion US dollars, with a net inflow of 463 million in October and 1.39 billion since the beginning of the year. This is a good mid-term signal. The short-term book profit of the giant whale is rapidly shrinking. The unrealized short-term earnings of the giant whale decreased by 53% from $9.8 billion on September 22 to $4.6 billion on October 20. At the same time, the scale of short-term whale transfers to the exchange is increasing, with 10605 BTC transferred in a single day on October 20th, which is 2.8 times the average of the past 30 days. This is a moderate negative signal. Super Whales (>10000) are still net reducing their BTC holdings. And medium-sized whales (10-10000 pieces): they are buying, but they are not actively chasing high prices to buy, but buying at low prices. The market value of the new giant whale has increased to 33%, with a cost base of about 77K. The current price is around 82K, which is about 6.7% higher. On chain judgment: ETF inflow of 1 billion yuan in three days is the most positive signal in the short term. But in the short term, giant whales and super giant whales are being sold. Buying interest is accumulating, and selling pressure is also brewing. 77K is the new cost line for giant whales and an important reference for the medium term. 77K remains stable, and the bull market's upward structure is still there! If it falls below 77K, the bullish upward structure will turn into a deep reversal of the bull market, but there is no need to be too pessimistic.