《Three-Dimensional Trading System | BTC Evening Market Analysis (2/3): On-Chain Data》 ETFs saw nearly $800 million outflow over two days, but BlackRock was the main force behind the sell-off. ETF institutions are frantically retreating! On November 2nd, US spot Bitcoin ETFs experienced a net outflow of $398.6 million, marking the second consecutive day of large outflows. BlackRock's IBIT saw an outflow of $405.3 million, the largest single-day outflow since June 26th, while Fidelity's FBTC saw a slight inflow of $6.7 million. The total outflow over two days was approximately $1.04 billion, with institutions concentrating on risk reduction before the election. However, whales are buying, completely opposite to the ETF trend. After excluding exchanges and mining pool addresses, the total holdings of large on-chain holders have risen to approximately 3.03 million BTC, the fastest 30-day increase since February. ETFs are selling "paper demand," while whales are buying "real demand"—they are addressing different questions. However, even among whales, there is internal disagreement. While some are accumulating BTC, a whale/institution sold 1,312 BTC in four days to reposition for ETH. During this morning's decline, an address that had been inactive for 22 days sold 63.46 WBTC and cbBTC, cashing out approximately $8.18 million. Another signal to watch: This morning, an unknown wallet transferred 7,499 BTC, worth $575 million, to Binance. On-chain analysis: ETFs are withdrawing en masse before the election; whales are accumulating but internally divided. There is buying pressure, but not enough. Institutional funds have not substantially returned since the Binance incident.