Glassnode co-founder Rafael has highlighted a concerning trend in the Bitcoin market, noting that institutional demand has not been sufficient to absorb the new supply of Bitcoin, thereby increasing selling pressure. Over the past month, Bitcoin ETFs experienced a net outflow of 71,600 BTC, while digital asset treasury companies increased their holdings by only 7,500 BTC. After accounting for new issuance, the total net outflow reached approximately 77,000 BTC. Rafael emphasized that until these figures turn positive, any potential rebound in Bitcoin's price will likely encounter resistance due to the prevailing net supply pressure. This situation underscores the challenges faced by the market in balancing supply and demand dynamics.