[Glassnode Co-Founder: Institutional Demand Fails to Absorb New Bitcoin Supply, Instead Intensifies Selling Pressure] Glassnode co-founder Rafael posted on the X platform, pointing out that institutional demand has failed to absorb the new supply of Bitcoin, instead exacerbating market supply pressure. Over the past month, ETFs saw a net outflow of 71,600 BTC, while digital asset treasury companies only increased their holdings by 7,500 BTC. After accounting for newly issued supply, the net outflow totaled approximately 77,000 BTC. Rafael stated that until this data turns positive, any rebound will face resistance from net supply pressure.