《Three-Dimensional Trading System | BTC Evening Market Analysis (2/3): On-Chain Data》 ETFs are selling and withdrawing, but mid-sized and super whales are buying BTC on dips. On November 5th, US spot Bitcoin ETFs saw a net outflow of $430.2 million, with Fidelity FBTC leading the way with an outflow of $199.9 million, followed by BlackRock IBIT with an outflow of $105 million. See Figure 1. From the Binance incident until Wednesday, ETFs have seen a cumulative net outflow of approximately $1 billion, with IBIT alone accounting for $900 million. However, super whales are buying. CryptoQuant data shows that super whales holding more than 10,000 BTC saw their net accumulation over 60 days reverse from -38,877 BTC on October 31st to +31,960 BTC in four days, a positive swing of 70,837 BTC. Mid-sized whales (100-1,000 BTC) are still buying, but the pace has plummeted from 67,930 to 24,500, a drop of 63.9%. A whale that had been inactive for a year withdrew 1,286 BTC from Binance in the past 24 hours, buying it back at $76,230, 15% lower than the $89,291 it deposited over a year ago. However, short-term holders are losing money. Glassnode points out that almost all of the BTC held by short-term holders a month ago were profitable, but now most have turned into paper losses. A very large buy order appeared on the order book (see Figure 2), but given the downward trend, it's insufficient. Around 76K, these holders' willingness to cut losses is decreasing, but they also lack the capacity to absorb the losses. The correlation between BTC and the Nasdaq is between 0.6 and 0.8. A 1% drop in the Nasdaq could lead to a 2% to 3% drop in BTC. Tech stocks crashed, and BTC couldn't escape. On-chain analysis: ETFs are selling, mega-whales are buying, mid-sized whales are slowing down, and short-term holders are losing money. There is buying pressure, but the volume and consistency are insufficient. On-chain data also doesn't support a V-shaped reversal.