09 October, 2024
Bitcoin Under Pressure: Institutional Investors Drive October Sell-Off
09 October, 2024
Bitcoin’s price has been under significant pressure in October, with US institutional investors playing a key role in the sell-off. Several factors point to a shift in sentiment, including:
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- Negative Coinbase Premium Index: This metric, which reflects the difference between Bitcoin’s price on Coinbase and other exchanges, has dipped below zero, indicating a potential lack of demand from institutional investors.
- Net Outflows from US Bitcoin ETFs: Investors have been pulling money out of Bitcoin ETFs, further highlighting the waning appetite for the digital asset among institutional players.
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The combination of these factors suggests that institutional investors are taking a cautious approach to Bitcoin in the current market environment. This cautiousness could contribute to continued downward pressure on the cryptocurrency’s price in the coming weeks.