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Wu learned that Glassnode co-founder Rafael tweeted that institutional demand is not absorbing new BTC supply, but is instead increasing supply pressure. Over the past month, ETFs reduced holdings by 71.6k BTC, while DAT only increased holdings by 7,500 BTC; after adjusting for issuance, the combined net flow was an outflow of 77k BTC. Rafael said that until this indicator turns positive, any recovery will face net packaged supply pressure.