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Rafael: Insufficient institutional demand to absorb new supply of Bitcoin, market faces net supply pressure

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Glassnode co-founder Rafael pointed out on the X platform that institutional demand has failed to absorb the new supply of Bitcoin, instead exacerbating market supply pressure. In the past month, ETFs have had a net outflow of 71600 BTC, while digital asset treasury companies have only increased their holdings by 7500 BTC. After deducting new issuance, the overall net outflow is approximately 77000 BTC; Rafael stated that any rebound will face resistance from net supply pressure until the data turns positive.

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