According to Cointelegraph, Bitcoin researcher Axel Adler Jr. pointed out that there has been a net inflow of about 18000 bitcoins into exchanges and a net outflow of about 16000 from spot ETFs recently, resulting in a total selling pressure of about 34000 bitcoins. Glassnode analyst Cryptovizart stated that the daily ETF trading volume has decreased from over $50 billion at the end of 2025 to below $20 billion, reflecting a weakening of speculative demand. According to derivative data, the number of open Bitcoin contracts has decreased from approximately 268000 to 250000, with the recent rebound mainly driven by short covering. Analyst Rei Researcher pointed out that daily funding rates have remained negative since February 2026, and bears are still paying for long positions.
