Wu Shuo learned that Glassnode co-founder Rafael posted on X that institutional demand has not absorbed new BTC supply, but instead is increasing supply pressure. Over the past month, ETFs reduced holdings by 71,600 BTC, while DAT only added 7,500 BTC; after adjusting for issuance, their combined flow is a net outflow of 77,000 BTC. Rafael said that before this metric turns positive, any rebound will face net wrapped supply pressure.

BTC-1.14%
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GateUser-57ab9c02
· 2h ago
Over the past month, ETFs have run up by more than 70,000—who can even stand that? The recovery is really doubtful.
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MevInRetrospect
· 6h ago
This round of ETF share sell-down is pretty ruthless—institutions say they’re bullish, but their actions are telling the truth.
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DaoDoorKeeper
· 6h ago
DAT just bought 7,500? Institutional demand really looks weak—let’s wait until this indicator turns positive before going bullish.
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GasFeeAnxiety
· 6h ago
Wait until the combined flow of ETF+DAT turns positive, right now it's the bottoming phase, be patient.
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CheckTheBlockchainBefore
· 6h ago
77k net outflow... No wonder the market is so soft; it's hard to have a big rally until the supply pressure is relieved.
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