《Three-Dimensional Trading System | BTC Market Analysis (2/3): On-Chain Data》 ETFs are still seeing inflows, but it's a drop in the bucket. Another massive sell-off is expected today. How is BlackRock faring? Yesterday, ETF net inflows were only $17.07 million. Faced with the panic following the Binance incident, this amount of buying is simply insufficient. Whales are buying against the trend. In the past four hours, nine new wallets received 1,900 BTC from Galaxy Digital, worth $148 million. Some are buying amidst the panic, but the scale is insufficient to counteract the panic selling. Whales are likely long-term investors. The real concern is the potential selling pressure from the stolen assets. Approximately $3 billion has been frozen in the Binance incident, with about $3.2 billion in BTC and ETH remaining unrecovered. BTC is traceable on-chain and difficult to mix, making a large-scale sell-off in the short term difficult; ETH can be mixed via Tornado Cash, making the pressure even greater. On-chain assessment: Stolen assets represent potential selling pressure, and selling BTC is more difficult than selling ETH. On-chain support is insufficient. However, the panic sentiment outweighs the actual selling pressure.