BlackRock IBIT: Net outflows of $32 million recorded in the past 3 hours, ending previous net inflows. Signs of institutional funds exiting the market are evident, with retail investor share rising back to 22%.

• Grayscale GBTC: Net outflows of $18 million in the past 3 hours, redemption pressure increases again, with outflows doubling compared to the previous 3 hours. Progress on converting to spot ETF remains at 13%.

• Fidelity FBT: No new allocations, institutional fund share remains at 90%, holdings stable, long-term allocation demand unchanged.

2. Market Maker Movements

• Market makers' "short gamma" position intensifies, Delta hedging demand rises, the scale of forced BTC sales during price declines increases, leading to greater volatility.

• Order book depth decreases by 15%, bid-ask spread widens from 0.08% to 0.15%, liquidity vacuum risk rises, and quote distortions worsen.

• Market makers' orders in the $68,000-$69,000 range decrease, indicating weakened confidence in support at this level.

3. Whale and Mid-Size Whale Activity

• Whale activity: In the past 3 hours, a cluster of whale addresses that were liquidated on Hyperliquid transferred 500 BTC (about $3.44 million) to exchanges, suspected of preparing to sell; another whale address sold 200 BTC (about $1.38 million), with sell points concentrated around $70,500.

• Mid-size whale activity: The long-short ratio among mid-size whales (holding 100-1000 BTC) fell from 1.08:1 to 0.85:1, with many mid-size whales shifting from long to short positions, selling mainly in the $70,000-$70,500 range.