"Three-Dimensional Trading System | BTC Market Analysis (2/3): On-Chain Data" In the ETF space, BlackRock saw a single-day inflow of $665 million, but it’s the only one buying. On October 19, U.S. spot Bitcoin ETFs had a net inflow of $527 million, marking the largest single-day inflow since September 22. BlackRock’s IBIT alone brought in $665 million, while Fidelity’s FBTC saw an outflow of $83.6 million, and Grayscale’s GBTC had an outflow of $54.9 million, partially offsetting IBIT’s inflow. ETF institutions are still showing significant divergence. Whales are shifting to accumulation mode. Addresses holding 1,000–10,000 BTC have seen a 60-day net accumulation swing from -62,600 BTC to +5,230 BTC, indicating that large whales are moving from distribution back to accumulation. Binance’s USDT reserves have surged from $790 million to $1.76 billion, signaling potential buy-side demand building up. However, Coinbase’s premium index remains at -0.14%, showing that U.S. spot buying hasn’t caught up, while Asian buyers are more active in purchasing BTC spot. On-chain judgment: BlackRock is aggressively buying BTC, showing an extraordinary strategy; whales are accumulating, and stablecoins are piling up, but spot demand hasn’t stepped in yet. Short-term buy-side liquidity is still thin.