On-chain analysis of Bitcoin. The data provided on October 18 indicates the need to remain cautious regarding a shift in exchange net inflows and short-term holders realizing losses. Exchange flows shifted from a net outflow of approximately 5,285 BTC between October 4–10 to a net inflow of approximately 8,428 BTC between October 11–17. On the 18th, a net outflow of approximately 485 BTC was recorded; however, as final aggregation remains unconfirmed, it is premature to definitively conclude a trend reversal. Funding rates have been positive for all of the past seven days, but the average was 4.75% lower than the previous seven-day period. While the cost burden for long positions persisted, it did not expand on a weekly average basis. The weekly average of Open Interest (OI) was 1.61% lower than the prior seven days, but the figure on the 17th was 0.30% higher than on the 10th, indicating near-flat movement. Without price data, it is difficult to assess whether position liquidations occurred. The short-term holder SOPR, an auxiliary indicator, stood at 0.9982 on the latest observation date, the 17th, and was below 1 for five of the past seven days. While minor loss realization has occurred repeatedly, there is insufficient evidence to confirm a bottom formation. I currently interpret this data as neutral to risk-alert. Continued net outflows and a return of SOPR above 1 would ease concerns, while expanding net inflows accompanied by rising funding rates and OI would reinforce the alert. Weekly exchange flows have turned net inflow. Funding rates and OI averages have slightly declined. Short-term holders continue to realize losses. Tomorrow, I will verify whether the net outflow observed on the 18th persists after final aggregation, and whether funding rates and OI show concurrent expansion. I will also monitor whether the newly reported short-term holder SOPR recovers above 1. #SOPR #Bitcoin bitcoin:native