《Three-Dimensional Trading System | BTC Evening Market Analysis (2/3): On-Chain Data》 ETF institutional funds saw net inflows again, but whales are transferring tokens to exchanges, creating uncertainty. Yesterday, US spot Bitcoin ETFs saw net inflows of $176 million, with BlackRock's IBIT alone receiving $151 million, accounting for 86%. This isn't a full-scale return of institutional funds; it's a unilateral action by BlackRock's clients. However, whales are transferring tokens to exchanges. Lookonchain monitored three whales depositing 6,168 BTC, worth $498 million, into Coinbase Prime. Deposits don't equal sales, but they do mean that "sellable tokens" are increasing. Retail deposits doubled, whales are withdrawing. Binance's 30-day retail deposits doubled from $5.5 billion to $10.75 billion, while whale inflows decreased from $5.9 billion to $3.8 billion, a 36% drop. Retail investors want to take advantage of the rebound to exit, while whales are observing. On-chain analysis: There is buying pressure, but it's insufficient. Retail investors are the main source of selling pressure during rebounds.