《Three-Dimensional Integrated Trading System｜BTC Evening Market Analysis (2/3): On-Chain Data》 ETFs experienced four consecutive days of outflows, and BlackRock has been selling for seven consecutive days, but the net outflow is decreasing. Is a rebound imminent? Yesterday, ETFs saw a net outflow of 95 million, marking the fourth consecutive day of outflows. BlackRock's IBIT has experienced net outflows for seven consecutive trading days, accumulating a loss of 1.66 billion since October 30th. Institutions are withdrawing, and the largest portfolio is leading the retreat. However, a divergence has emerged on-chain: retail investors are surrendering, while medium-sized holders are buying. The total number of holding addresses has decreased by 108,700 from its peak on October 16th, with most of these being small accounts holding less than 1 BTC exiting the market. Meanwhile, medium-sized accounts holding 1-100 BTC have increased their holdings by 14,207 BTC in the past two weeks against the trend. This is a typical case of "retail panic selling, with smart money taking over." Whales are also buying, but not aggressively. Trump Media Group is buying BTC. A whale wallet purchased 536.93 BTC during the decline, accumulating 2,460 BTC over the past 20 days at an average price of $78,966. However, there is significant internal division among whales—Hyperliquid's whale positions have turned net short for the first time since March, and some whales are selling BTC for ETH. Exchange BTC reserves have decreased to approximately 1.28 million. Coins are leaving exchanges, and the number of tokens available for sale is decreasing. On-chain analysis: The selling pressure structure is changing. There is buying pressure, but it's insufficient to support a trend reversal. The rebound is structural and a weak one!