[Analyst: Institutional Demand for Bitcoin at Low Levels, Reflecting Market Pessimism] CryptoQuant analyst Darkfost stated in a post that institutional demand for Bitcoin is currently at low levels — the 30-day net flow of spot Bitcoin ETFs stands at -$2.1 billion; Strategy's demand for Bitcoin has been nearly zero for several consecutive weeks; overall demand from Bitcoin reserve companies has dropped from approximately $6.6 billion (around $115,000 per BTC) in August 2025 to nearly zero currently (around $65,000 per BTC). Darkfost pointed out that this trend reflects market pessimism, but it is often during periods of minimal institutional demand that the best opportunities for positioning arise.