《Three-Dimensional Integrated Trading System | BTC Evening Market Analysis (2/3): On-Chain Data》 ETFs are withdrawing, whales are running, retail investors are selling at a loss, and BlackRock is making a hasty retreat! Yesterday, ETFs saw a net outflow of approximately $300 million, marking the fifth consecutive day of outflows, with a cumulative loss of approximately $1.44 billion since November 5th. BlackRock's IBIT saw a single-day outflow of $269.7 million, marking the ninth consecutive trading day of redemptions. This isn't a complete withdrawal by institutions; it's a concentrated redemption by clients with the largest portfolio. Whales are also transferring tokens to exchanges. Two whales/institutions holding positions for over a year transferred 1,929.5 BTC, worth $144 million, to trading platforms within four hours. One investor who bought 1,000 coins five years ago at $46,700 transferred them to Binance, making a profit of $27.73 million; another investor who bought 929.5 coins a year ago at $107,125 transferred them to Kraken, incurring a loss of $30.36 million. Some are taking profits, some are cutting losses, but everyone is selling. On-chain analysis: ETFs have been losing money for nine consecutive days, and whales are transferring coins to exchanges. The selling pressure is real, and the buying volume cannot keep up.