Rafael, co-founder of Glassnode, tweeted that current institutional demand for Bitcoin has not effectively absorbed new supply, but instead adds to selling pressure. Data shows spot Bitcoin ETFs saw net outflows of 71,600 BTC in the past month, while Digital Asset Treasury companies (DATs) added only 7,500 BTC. After adjusting for issuance, combined net outflows from ETFs and DATs reached 77,000 BTC. Until this net outflow turns positive, any price rebound will face persistent selling pressure from 'wrapped assets'.
Institutional Demand Fails to Absorb New Bitcoin Supply, ETF Outflows Intensify Selling Pressure
Rafael, co-founder of Glassnode, stated on social media that current institutional demand for Bitcoin has not effectively absorbed new supply but has instead become a source of selling pressure. Data shows that over the past month, spot Bitcoin ETFs saw net outflows of 71,600 BTC, while Digital Asset Treasury companies (DATs) added only 7,500 BTC. After deducting issuance, the combined net outflows from ETFs and DATs reached 77,000 BTC.
Rafael pointed out that until this net outflow turns positive, any price rebound will face persistent selling pressure from 'wrapped assets' such as ETF shares and custodial products. This suggests that the market lacks effective support in the near term unless institutional demand truly absorbs the excess supply.
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