《Three-Dimensional Integrated Trading System｜BTC Evening Market Analysis (2/3): On-Chain Data》 ETFs saw inflows for three consecutive days, with BlackRock absorbing the inflows, but whale selling pressure is weakening, not disappearing. On October 28th, US spot Bitcoin ETFs saw net inflows of $137 million, marking the third consecutive day of inflows, with BlackRock's IBIT accounting for $136 million. Whale selling is weakening. On-chain data shows a significant decrease in the intensity of whale dumping on exchanges, with whales no longer engaging in large-scale cash-outs. Spot ETFs have seen net inflows for three consecutive weeks, indicating institutional investors are entering the market with real money. However, it's important to note that whales ceasing their selling doesn't mean they will actively push prices up. Reduced selling pressure only indicates less downward pressure; upward momentum hasn't yet emerged. On-Chain Assessment: On-chain buying is concentrated in a single institution, lacking breadth and insufficient to support a unilateral upward trend. Continue to fluctuate!