Glassnode co-founder: Weak institutional demand exacerbates Bitcoin circulating supply, significant market selling pressure

On June 29, Glassnode co-founder Rafael posted an on-chain fund monitoring chart on social media, pointing out that current institutional funds are not absorbing the newly produced Bitcoin circulating supply on the market, but instead further exacerbating the existing selling pressure.

Data shows that over the past 30 days, spot Bitcoin ETFs have seen a cumulative net outflow of 71,600 BTC, while digital asset trust products (DATs) have recorded a net inflow of 7,500 BTC over the same period, indicating a significant disparity in fund flows between these two mainstream institutional products.

Meanwhile, after accounting for the market selling pressure from daily newly mined Bitcoin, the combined net outflow from spot Bitcoin ETFs and digital asset trusts (DATs) over the past 30 days totals 77,228 BTC as of June 29.

Analysts point out that this data indicates institutional demand has failed to effectively absorb the new Bitcoin supply, instead exacerbating the market's oversupply pressure.

Rafael commented on this analysis, stating that until this comprehensive fund indicator turns from negative to positive, every rebound in Bitcoin's price will have to continuously contend with the overall net selling pressure from institutional channels, which could put downward pressure on Bitcoin's price.

Overall, the current upward resistance in the cryptocurrency market is significantly high. Investors need to closely monitor changes in ETF and DAT fund flows to assess the supply-demand balance in the market.


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