Analysis: Bitcoin needs new spot demand to absorb the supply pressure from exchanges and ETFs.

CoinFeed reported on May 26th, citing Cointelegraph, that Bitcoin researcher Axel Adler Jr. pointed out that recent net inflows into exchanges increased by approximately 18,000 Bitcoins, while spot ETFs saw net outflows of approximately 16,000 Bitcoins, resulting in a combined selling pressure of approximately 34,000 Bitcoins. Glassnode analyst cryptovizart noted that daily ETF trading volume has fallen from over $50 billion at the end of 2025 to below $20 billion, indicating weakening speculative demand. Derivatives data shows that the recent rebound was primarily driven by short covering, with Bitcoin open interest decreasing from approximately 268,000 to 250,000. Analyst Rei Researcher pointed out that daily funding rates have been negative since February 2026, indicating that short sellers are still paying for long positions.