Yesterday, there was a large outflow of funds from the US spot BTC ETF market, with a net outflow reaching $131 million • ARKB: single-day net outflow of $58.8 million (main outflow driver) • FBTC: single-day net outflow of $55.1 million There is a significant positive correlation between ETF fund flows and BTC price 1. Signal meaning Single-day net outflow of $131 million is a short-term bearish fund signal Funds were redeemed and exited from the two leading ETFs, representing some US institutional funds choosing to take profits and reduce Bitcoin holdings ARKB itself is the Ark Fund, with a trading style leaning towards short-term, frequently showing large inflows and outflows FBTC is also a highly volatile ETF Together, these two account for the vast majority of outflows Most other ETFs did not experience significant flight 2. Two key points to distinguish 1) Single-day data ≠ trend reversal Single-day outflow is just a one-day behavior Only if large net outflows continue for 2-3 consecutive trading days does it represent systematic institutional withdrawal A single day is more about short-term profit-taking 2) Fund flow is a lagging/synchronous indicator, not a 100% precise predictor: ETF outflow ≠ immediate price crash Often: funds exit first, price reacts with delay; sometimes on the outflow day, buying support holds the price, which then consolidates 3. Combined with the current market • Short-term risk: signs of institutional fund profit-taking will suppress BTC's upward momentum; • Key observation: in the next 1-2 trading days, watch whether ETFs continue to outflow or reverse; If outflows quickly stop, it is just a short-term portfolio adjustment; If

What exactly are the two major whales hinting at by acting simultaneously? On August 13, just as the CPI data was released, two major events surfaced almost at the same time. On one side, a Paxos-associated whale has been continuously selling BTC in the market, having directly sold 800 coins through Wintermute 13 hours ago, and cumulatively offloaded 2,500 bitcoins over the past two months, with a total value of about $154 million. In simple terms, the spot-holding whale is slowly cashing out chips at high levels amid this volatile market. On the other side, the 0x66f8 whale increased its BTC short position to 2,136 coins on Hyperliquid. With an extremely high 40x leverage, the entry price was $63,851, and the liquidation price is $64,595. This guy now holds a $136 million short position, making him the largest short on-chain, also a huge moving target looming over the market. In the crypto market, when whales act collectively, it’s no longer just individual moves but a barometer of market sentiment. The CPI just met market expectations, with no better-than-expected news; the previously anticipated rise has already been priced in. * The spot whale choosing to sell for profit indicates that big money is not optimistic about a short-term further rally; * The contract whale opening a 40x short bet on a pullback carries risks clearly visible: if BTC breaks above $64,595, this massive short position will be liquidated immediately, with market makers and longs ready to stage a short squeeze at any time. One spot whale is exiting, while another contract whale is shorting with high leverage. These two signals combined create a complex battle on the trading floor.

A Hyperliquid whale shorting Bitcoin with 40x leverage added 1,010 BTC three times this morning, increasing its short position to 1,792.56 BTC, valued at about $114 million, setting a new record for position size. It’s as if they are "confident Bitcoin will drop tonight." The average short entry price for this address has been updated to $63,999, currently showing an unrealized profit of about $335,000. • This whale did not just open the position today; they had already set up shorts around 64,000 previously; • After Bitcoin dipped slightly this morning, they added chips three more times, lowering the overall entry cost to 63,999; • The unrealized profit is only $335,000, which is very thin compared to the $114 million nominal position, indicating the price just barely dropped below the entry price. During the same period, four whales collectively opened 40x short positions around $64,000, with a combined short size of $340 million: No. 1: 1,792.56 BTC | Avg. price 63,999 | $114 million No. 2: 1,576 BTC | Avg. price 64,038 | $100 million No. 3: 1,200 BTC | Avg. price 64,418 | $76.45 million No. 4: About $49.55 million Total combined shorts: $340 million Once these shorts get liquidated, exchanges will automatically buy to close at market price. The massive buy orders will push Bitcoin up rapidly in the short term, causing a short squeeze. August 12 gainers list is divided into three categories: AI computing power tech stocks, small