BTC rebound unlikely amid supply overhang from ETF outflows, says report

Although the price of Bitcoin has stabilized near the $60,000 level, a significant recovery is unlikely until institutional investors can absorb the oversupply from ETF redemptions, CoinDesk reported. Glassnode data shows that Bitcoin ETFs experienced a record outflow of 71,600 BTC ($4 billion) this month, while accumulating entities bought just 7,500 BTC. CoinDesk added that with the inclusion of newly mined coins, the total excess supply reaches approximately 77,000 BTC ($4.4 billion). This has led to a persistent supply overhang as institutions struggle to absorb the sell-off. The report suggests that with both ETFs and accumulating entities contributing to selling pressure, any potential BTC rebound is likely to be short-lived without a recovery in institutional demand.