Institutional buying volume is about 1.05 times the retail selling volume, but most of the BTC bought by institutions is transferred to cold wallets (not returned to exchanges), while the BTC sold by retail investors returns to market circulation — this means the actual tradable supply is shrinking at a rate much faster than what net holdings suggest. The supply is irreversibly concentrating into "holders who don't sell."

ETH ETFs continue to flow out, with institutional funds reallocating from ETH back to BTC — BTC dominance is approaching 70%, and the altcoin season is being delayed. [Intellectia]

Short-term risk points: Daily CCI and WR are overbought, 4-hour MACD shows divergence at the top, and the characteristic of 24-hour volume decline has not disappeared. Institutions lead the medium- to long-term trend, but short-term technical corrections cannot be ignored — if the 76,000 support level is broken, retail panic selling may temporarily outweigh institutional buying momentum.