Rafael, co-founder of Glassnode, tweeted that institutional demand is not effectively absorbing new Bitcoin supply but instead increasing selling pressure. Over the past month, ETFs saw a net outflow of 71,600 BTC, while DATs (Digital Asset Treasury companies) added only 7,500 BTC. After adjusting for issuance, combined net outflow reached 77,000 BTC. Until this outflow turns positive, any price rebound will face persistent selling pressure from wrapped assets.
Data Reveals Institutional Demand as Net Selling Pressure
Rafael, co-founder of Glassnode, stated on social media that current institutional demand is not effectively absorbing new Bitcoin supply; rather, it is amplifying selling pressure. Data shows that over the past month, Bitcoin ETFs recorded a net outflow of 71,600 BTC, while Digital Asset Treasury companies (DATs) added only 7,500 BTC. After deducting issuance, the combined net outflow from ETFs and DATs reached 77,000 BTC.
Persistent Selling Pressure Caps Rebound
Rafael emphasized that until this net outflow turns positive, any price rebound will face continuous selling pressure from wrapped assets (e.g., GBTC trust products). This suggests that Bitcoin prices are unlikely to form a sustained uptrend in the near term, as the market awaits a genuine shift in institutional demand to net buying.
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