BlackRock Bitcoin ETF has had net outflows for 10 consecutive days, accumulating 36k BTC, about $2.24 billion. During the same period, exchange deposits surged to 49k BTC, and liquidation data shows $657 million in short positions clustered around $63k. The continuous ETF outflows indicate that institutional funds are systematically reducing positions — as the largest ETF issuer, BlackRock's consecutive net outflows have historically often accompanied price pressure. The surge in exchange deposits usually signals potential selling pressure, but it may also provide liquidity for market makers. On-chain data shows another side: if it breaks through $63k, the short liquidation intensity reaches $657 million, which could trigger a short squeeze. Short-term speculative funds and institutional funds are playing a reverse game. Behind this is the structural rift within the crypto market: institutional funds retreating through the ETF channel, while on-chain leverage and derivatives markets are still gaming. This tug-of-war often ends with one side forced to liquidate — longs being liquidated or shorts being squeezed. The risk is that if ETF outflows continue, they may suppress the rebound space, making $63k a strong resistance. If exchange deposits turn into actual selling, it will increase downward pressure. Currently, it seems more like a war of attrition in terms of capital.