Institutional selling intensifies, Coinbase premium drops to monthly low

Odaily Planet Daily News CryptoQuant analyst Darkfost stated that due to the recent intensification of institutional selling pressure, the Coinbase premium has fallen into negative territory and recorded its lowest level this month on May 21 at -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 shows zero confirmation of spot demand in the United States. Nick Ruck, research director at LVRG, stated that the decline in this premium reflects the emergence of net selling pressure from large holders, with institutions taking profits or rebalancing positions. Additionally, CoinGlass data shows that since May 14, US spot Bitcoin ETFs have seen net outflows for four trading days, totaling $1.3 billion. Bitfinex stated that open interest in Bitcoin futures or perpetual contracts fell by approximately $1.5 billion this week, clearing most of the leverage. (cointelegraph)