[Analysis: Bitcoin Needs New Spot Demand to Absorb Supply Pressure from Exchanges and ETFs] According to Cointelegraph, Bitcoin researcher Axel Adler Jr. pointed out that recent net inflows to exchanges increased by approximately 18,000 BTC, while spot ETF net outflows amounted to about 16,000 BTC, collectively creating a selling pressure of around 34,000 BTC. Glassnode analyst cryptovizart noted that the average daily ETF trading volume has dropped from over $50 billion at the end of 2025 to below $20 billion, indicating a weakening in speculative demand. Derivatives data shows that the recent rebound was primarily driven by short covering, with Bitcoin open interest decreasing from approximately 268,000 BTC to 250,000 BTC. Analyst Rei Researcher highlighted that since February 2026, the daily funding rate has consistently been negative, indicating that shorts are still paying to hold long positions.