Institutional ETFs have net reduced holdings by over 70k coins this month, while DAT's increase in holdings was only 7,500. The situation of supply exceeding demand hasn't changed, and the rebound may be fake.

Coin World News, Wu learns 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 have reduced holdings by 71.6k BTC, while DAT has only increased holdings by 7,500 BTC. After adjusting for issuance, the combined flow of the two is a net outflow of 77k BTC. Rafael stated that until this indicator turns positive, any recovery will face net packaging supply pressure.