Uncertainty surrounding the current macro environment “appears to be pushing institutions toward hedging strategies while waiting for greater clarity,” said analyst Darkfost.
A key indicator of institutional crypto market participation, the Coinbase premium has fallen deeper into negative territory, indicating increased selling pressure from institutions.
The Coinbase premium has been mostly negative since late April, but it has fallen much faster over the past seven days and recorded its lowest level this month at -0.0983% on May 21.
“Institutional selling pressure has intensified recently,” CryptoQuant analyst Darkfost said on Thursday.
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