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Weak Institutional Demand and Rising CEX Bitcoin Balances Create Dual Selling Pressure, Analyst Says

Crypto market analyst Axel said on Feb. 19 that U.S. spot Bitcoin ETFs posted a net outflow of 11,042 BTC over the past seven days, with only two trading days recording net inflows, while centralized exchange balances rose with daily net inflows ranging between +391 and +841 BTC. Single-day ETF outflows reached 6,120 BTC (approximately $416 million) on Feb. 12, the largest for the period, and Feb. 17 and 18 saw further outflows of 1,520 BTC and 1,980 BTC, indicating institutional accumulation momentum has not yet appeared. Axel noted that ETF outflows alongside increasing exchange supply mean institutional demand has not absorbed additional market supply and is instead acting as extra selling pressure, adding that a confirmed positive accumulation trend would require at least three straight trading days of positive ETF net inflows and a persistent shift of exchange net flows to negative.
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