[Analyst: Weak Institutional Demand Combined with CEX Inflow Pressure, Bitcoin Market Faces Dual Selling Pressure] BlockBeats News, February 19 — Crypto market analyst Axel posted on social media, stating that data from the past week reveals a growing gap between the narrative of institutional demand and actual capital flows. ETF inflow momentum remains unstable, while the net flow to exchanges continues to stay positive, with tokens flowing into rather than out of trading platforms. Over the past 7 days, the total net outflow from U.S. spot Bitcoin ETFs reached 11,042 BTC, with only two trading days recording net inflows. On February 12, a single-day outflow of 6,120 BTC (approximately $416 million) marked the largest outflow day of this cycle. On February 17 and 18, consecutive daily outflows of 1,520 BTC and 1,980 BTC respectively indicate that institutional accumulation momentum has yet to form. Meanwhile, exchange supply continues to increase. Since early February, the net flow to exchanges has consistently remained positive, ranging between +391 BTC and +841 BTC over the past week. Today's reading is +553 BTC, extending the two-week trend of positive inflows. This contrasts sharply with January's pattern of sustained negative net flow (tokens leaving exchanges). Axel stated that both key indicators point in the same direction: over the past week, 11,042 BTC flowed out of ETF channels, while exchange supply continued to grow. Institutional demand has not only failed to absorb the market's new supply but has also become an additional source of selling pressure. Establishing a positive accumulation trend would require at least three consecutive trading days of positive ETF net inflows, along with a sustained shift in exchange net flow to negative (indicating tokens being withdrawn from exchanges for custodial accumulation). The ETF flows over the next 3 to 5 trading days will be a critical variable in determining the market's direction.