Coinbase premium hits monthly low as institutional selling pressure mounts

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Coinbase premium falls to its lowest level this month. Source: Coinglass “The uncertainty surrounding the current macro environment appears to be pushing institutions toward hedging strategies while waiting for greater clarity,” Darkfost said. LVRG research director Nick Ruck told Cointelegraph the decline of the Coinbase premium could also reflect the “emergence of net selling pressure from larger holders,” and suggest institutions are taking profits or repositioning, which “could weigh on near-term price momentum across major crypto assets.” Another signal of institutional selling pressure is US spot Bitcoin exchange-traded funds, which have seen four trading days of outflows totaling $1.3 billion since May 14, according to CoinGlass. Related: Bitcoin longs soar despite weak US macroeconomic data: Is $82K BTC next? Derivatives demand also appears to be weakening, with open interest, or the value of open Bitcoin futures or perpetual contracts, dropping by around $1.5 billion this week, “clearing much of the leverage built up during Bitcoin’s move toward $82,000,” said Bitfinex. “With short-side fuel exhausted and long positioning reset lower, the next major move likely depends on spot demand,” it added. Bitcoin has declined 4.5% over the past week, hitting a monthly low just above $76,000 on Tuesday. It was flat on the day at $77,621 at the time of writing, down 38% from its October peak. Magazine: Crypto scammers face death, Aussie CGT makes Asian hubs attractive: Asia Express More on the subject

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