Parl BTCETF Daily View – November 4th 1. Data Summary On November 3rd, a total of $116 million flowed out. IBIT (BlackRock) -$94.98 million, BTC Mini -$52.6 million, BITB (Bitwise) +$21.92 million, FBTC (Fidelity) +$6.76 million, MSBT +$3.34 million. 1) The three-day stepped decrease in volume (-$643 million – -$399 million – -$116 million) clearly shows a three-day decline in short-selling momentum, indicating that the most panicked wave of concentrated redemptions has passed. 2) BlackRock has recorded a rare three-day losing streak ($234 million – $405 million – $94.98 million), with a cumulative net outflow of $734 million over the three days. The reasons likely include risk control measures and position reductions following the drop below the previously mentioned 81,500 institutional cost line, the major exchange security incident at the end of October, and risk aversion and wait-and-see attitudes before the midterm elections. However, today's outflow was only 94.98 million. Continue to monitor this; if the outflow remains below 100 million or if there is buying, it indicates the end of this wave of passive deleveraging. 3) FBTC (Fidelity) has turned positive for two consecutive days, halting panic redemptions. BITB and MSBT have begun tentative position building. This indicates that price-sensitive right-side/swing funds in the 76-78 range have begun to detach from panic and attempt to buy in batches on the left side. 4) Currently, 80-85 is the average cost line for institutional ETF positions in this round. We need to closely monitor this. When institutions start buying continuously, inflows turn positive, and the price breaks through 80-815, then this wave of decline will have ended. 2. Market Analysis 1) Today was another day of margin calls and liquidations, wiping out long positions and then short positions. Let's look at the liquidations: In the last 12 hours, $319 million was liquidated, with $219 million in long positions and $101 million in short positions; In the last 4 hours, $88.7581 million was liquidated, with $5.1109 million in long positions and $83.6472 million in short positions; 2) The range mentioned in the morning report is still 763-788. It dropped to 763, so now it's going up to 788. After wiping out 788, we'll first look at the area around 795, and then see if it tests the bearish oblique level of 82. If it breaks through 82, then the decline is over, and the bull market continues. The liquidation data also shows: After the morning's looting, liquidations are currently concentrated between $78,100 and $78,200, totaling approximately $460 million. Further up at $79,200, there's another $218 million. Below, liquidations are concentrated between $75,150 and $75,550, with these three tiers totaling approximately $550 million, and individual tiers ranging from $177 million to $186 million. For more real-time information, please join our community: https://t.me/pabuerbtc