《Three-Dimensional Integrated Trading System｜BTC Evening Market Analysis (2/3): On-Chain Data》 ETF saw a net inflow of $110 million, but only BlackRock was buying, indicating funds are on the sidelines! On October 26th, the US spot Bitcoin ETF saw a net inflow of $110 million, all from BlackRock's IBIT. This isn't a return of institutional investors, but rather a unilateral action by BlackRock's clients. The previous two days saw outflows of $138 million, and the inflow only partially offset this, indicating a lack of sustained buying power in the ETF market. Retail investors are moving coins, while whales are withdrawing. Binance retail deposits more than doubled from $5.5 billion in April to $10.75 billion, a six-month high. Whale inflows decreased by 36%, from $5.9 billion to $3.8 billion. Retail investors want to take advantage of the rebound to exit, but whales aren't in a hurry to sell. Deposits don't necessarily equate to selling, but they do mean that retail investors are the main source of selling pressure during rebounds. On-chain assessment: Whales are on the sidelines. The on-chain structure hasn't collapsed, but the buying volume is insufficient. Therefore, the price is temporarily hovering around 80K.