**[Analysis: Bitcoin Price Diverges from Demand, ETF Inflows and Exchange Accumulation Provide Short-Term Support]** BlockBeats News, September 23 — CryptoQuant analyst Darkfost pointed out that while Bitcoin's price is rising, sustained buying pressure remains difficult to rebuild, and market signals are mixed. Over the past 30 days, cumulative spot demand stands at -180,000 BTC, still in negative territory, while futures demand is +54,000 BTC, remaining positive but slightly declining. Total average demand has improved from -188,000 BTC to -126,000 BTC, narrowing the gap but still overall in the negative range. Recently, Bitcoin's price has diverged from total demand, with prices rising while total demand has yet to turn positive. This indicates that the price increase is more driven by reduced selling pressure rather than strong buying activity. Breaking it down by sector, demand recovery is uneven. On the institutional side, geopolitical and macroeconomic conditions remain unfavorable, but the volume-weighted Coinbase Premium briefly turned positive, suggesting occasional premiums for U.S. spot markets compared to others, with institutional selling pressure noticeably easing. ETFs represent the biggest shift this round; compared to this summer, demand has completely reversed. Recently, ETFs have net purchased approximately 70,000 BTC. While the cumulative net inflow for 2026 remains around -17,000 BTC, it is nearing positive territory. As for exchanges, the entire month of September has been dominated by net outflows, leaning toward accumulation rather than distribution. Bitcoin leaving exchanges typically signals lighter short-term selling pressure. Analyst Darkfost concluded that the current price increase is not due to stronger buying activity but rather because investors are refraining from adding selling pressure at higher price levels. The market structure remains fragile. [Original Link]