Analyst: Weak institutional demand combined with inflow pressure from CEX puts double selling pressure on the Bitcoin market
Cryptocurrency market analyst Axel posted on social media, stating that data from the past week reveals an increasingly widening gap between institutional demand narratives and actual capital flows. ETF inflow momentum remains unstable, while net exchange flows continue 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, the single-day outflow reached 6,120 BTC (approximately $416 million), marking the largest outflow day of this period. On February 17 and 18, there were consecutive trading days with outflows of 1,520 BTC and 1,980 BTC, respectively, indicating that institutional accumulation momentum has yet to form.Meanwhile, supply on trading platforms continues to increase. Since early February, net exchange flows have remained positive, ranging from +391 BTC to +841 BTC over the past week. Today's reading is +553 BTC, continuing a trend of positive inflows for two consecutive weeks. This stands in stark contrast to the negative pattern (tokens flowing out of exchanges) observed in January.Axel noted that both key indicators point in the same direction: over the past week, the ETF channel saw an outflow of 11,042 BTC, while supply on trading platforms continues to grow. Institutional demand has not only failed to absorb the new supply entering the market but has also become an additional source of selling pressure. The establishment of a positive accumulation trend requires at least three consecutive trading days of positive ETF net inflows, along with net exchange flows turning negative (indicating tokens are being withdrawn from exchanges for custody accumulation). The ETF flows over the next 3 to 5 trading days will be a key variable in determining market direction.