Three dimensional integrated trading system | BTC market analysis (2/3): on chain data ETF inflows in three days and outflows in one day. ETF institutions are large retail investors, and when panic selling occurs, it may be a temporary bottom. On October 22nd, the US spot Bitcoin ETF had a net outflow of $635 million, ending three consecutive days of inflows. BlackRock's IBIT outflow ranked first at 254 million, followed by Fidelity's FBTC outflow at 218 million and ARKB outflow at 109 million. Often, when there is a large net outflow, a rebound will come. Learn to counter market and ETF consensus! The giant whale is also transferring coins to the exchange. On October 20th, the short-term giant whale transferred 10605 BTC to the exchange, which is 2.8 times the 30 day average. In addition, a giant whale deposited 949.7 BTC worth $77.55 million into Binance and Deribit, suspected of preparing to sell. On chain judgment: Clear short-term selling pressure. But the overall reserve of the exchange is still low, and the long-term holder structure is not bad. Short term pressure, mid-term look at the absorption of selling pressure after digestion.