Bitcoin spot ETFs saw net outflows of $774 million over two days, with on-chain signals indicating accumulation.

From October 22nd to 23rd, Bitcoin spot ETFs saw a net outflow of $773.5 million, while the price of BTC fell by 3.45% during the same period. On-chain data shows that the holdings of Bitcoin whales over the past one year increased from -282,000 BTC to -39,000 BTC, accumulating a purchase of 243,000 BTC in less than three months. Axel Adler Jr. pointed out that BTC's MVRV percentile hit 0% at $59,300, rebounded to 32% at the end of September, and then fell back to 25%, indicating that the market is in an accumulation phase; since September 22nd, exchanges have seen positive net outflows, the available supply has contracted, and the 30-day open interest index in the futures market has risen from -0.5 to +0.3.