《Three-Dimensional Integrated Trading System | BTC Evening Market Analysis (2/3): On-Chain Data》 ETFs are still experiencing a drain on funds, concentrated in BlackRock alone, indicating significant disagreement among ETF institutions. Yesterday, ETFs saw a net outflow of approximately $200 million. BlackRock's IBIT experienced its seventh consecutive trading day of net outflows, accumulating a loss of approximately $1.66 billion since October 30th. However, Fidelity's FBTC saw a net inflow of $93 million last week, suggesting that not the entire industry is selling, but BlackRock, the dominant player, has been consistently selling BTC. The order book shows scattered buy orders, indicating that whales are not actually buying much, and the buy volume is insufficient (see the lower half of the chart below). While whales are buying, the total amount is less than 8,000 BTC, insufficient to absorb the billions of dollars in ETF losses. Exchange funds haven't left either. Bitget and Binance saw outflows of over $900 million, while Bybit and OKX saw inflows of over $900 million; the money has simply moved to another location. On-chain analysis: The outflow of funds from ETFs is concentrated in BlackRock. Whales are buying, but not enough to sustain the trend reversal; it's just a rebound.