The core of the afternoon market isn't just about a single candlestick, but rather the tug-of-war between liquidity and chip distribution. The latest intel indicates that since June, BTC spot ETFs have seen continuous net outflows, but there are signs of a one-day turnaround; meanwhile, the exchange's BTC balance has dropped to a multi-year low, and whales haven't just dumped their holdings. My take: the short-term scenario is a mixed bag of 'ETF rebalancing + leverage unwinding + shrinking spot supply'. If ETF outflows continue to stabilize, BTC could shift from panic to a consolidation phase; however, if we see large outflows again, any rebound will be capped. This afternoon, I'm closely watching whether trading volume and capital flow improve in sync. #BTC #ETF #Bitcoin