Condenser water loop_bypass

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Hi

In a condenser water loop, supply side only one pump an a dry cooler, demand side one water to aire hp in series configuration with a heat exchanger (to make freecooling).

If the pump operate at constant speed and the heat exchanger is uncontroled, why the results show a bypass flow un the demand side if there is not bypass in the loop?

I would expect to have 100% water flow throug air to air hp and heat exchanger