Svmuureports that CryptoQuant analyst Darkfost stated that due to the recent intensification of institutional selling pressure, the Coinbase premium has fallen into negative territory, recording its lowest level this month at negative 0.0983% on May 21. 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. LVRG research director Nick Ruck said that the decline in the premium reflects the emergence of net selling pressure from large holders, with institutions taking profits or readjusting their positions. Additionally, CoinGlass data shows that since May 14, US spot Bitcoin exchange-traded funds have seen net outflows for four trading days, totaling $1.3 billion. Bitfinex stated that the open interest in Bitcoin futures or perpetual contracts has decreased by approximately $1.5 billion this week, clearing most of the leverage. (cointelegraph)