《Three-Dimensional Trading System | BTC Evening Market Analysis (2/3): On-Chain Data》 ETFs are withdrawing, whales are running, retail investors are selling at a loss, market liquidity is terrible!! Yesterday, ETFs saw a net outflow of approximately 300 million (see Figure 1), marking the fifth consecutive day of outflows, with a cumulative loss of 1.44 billion since November 5th. BlackRock's IBIT accounted for 90% of this, with a single-day outflow of 269.7 million on Wednesday. This isn't a complete withdrawal by institutions; it's a concentrated redemption by BlackRock's major clients. The buy orders on the order book are also scattered and desolate! (See Figure 2) But whales are transferring coins to exchanges. Two whales/institutions holding positions for over a year transferred 1,929.5 BTC, worth 144 million, to CEXs within 4 hours. One investor transferred 1,000 BTC, accumulated 5 years ago at $46,700, to Binance, making a profit of 27.73 million. Another investor transferred 929.5 BTC, accumulated 1 year ago at $107,125, to Kraken, incurring a loss of 30.36 million. Some are taking profits, while others are cutting losses. Short-term holders are surrendering. The price has fallen below the short-term holders' cost line of $75,700, with over 47,000 BTC transferred to exchanges at a loss. This is panic selling, not smart money buying. On-chain analysis: The current selling pressure is real, and buying pressure is insufficient. The price is moving in the direction of least resistance, which is to continue its downward trend and test the bottom.