Crypto market analyst Axel reports a growing disconnect between institutional demand narratives and actual fund flows in the Bitcoin market. Over the past week, U.S. spot Bitcoin ETFs experienced a net outflow of 11,042 BTC, with only two days of net inflows. Notably, February 12 saw a single-day outflow of 6,120 BTC, the largest during this period. Consecutive outflows on February 17 and 18 further highlight the lack of institutional accumulation. Simultaneously, exchange net flows have remained positive since early February, with daily inflows ranging from +391 to +841 BTC. Today's inflow of +553 BTC continues this trend, contrasting with January's negative flows. Axel emphasizes that both ETF outflows and rising exchange supply indicate insufficient institutional demand to absorb market supply, adding selling pressure. A confirmed positive accumulation trend requires sustained ETF inflows and a shift to negative exchange flows, with the next 3 to 5 trading days being crucial for market direction.