Data: Institutional sell-off intensifies, Coinbase premium drops to monthly low
CryptoQuant analyst Darkfost stated that due to the recent intensified selling pressure from institutions, the Coinbase premium has fallen into negative territory, recording a monthly low of negative 0.0983%. This indicates that institutions and professional investors trading on Coinbase Advanced are selling more aggressively than retail investors on Binance.
Analyst Axel Adler pointed out that this indicates a zero confirmation of U.S. spot demand. LVRG research director Nick Ruck stated that the decline in the premium reflects the emergence of net selling pressure from large holders, as institutions are taking profits or readjusting their positions.
In addition, CoinGlass data shows that since May 14, there have been four trading days of net outflows from U.S. spot Bitcoin exchange-traded funds, totaling $1.3 billion. Bitfinex reported that this week, the open interest in Bitcoin futures or perpetual contracts has decreased by about $1.5 billion, clearing most of the leverage.
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