Bitcoin Faces Selling Pressure as U.S. Institutions Unload Holdings

Bitget App

Trade smarter

Bitget

News

Cryptodnes2024/10/09 12:09

By:Cryptodnes

Bitcoin is facing selling pressure in the U.S., with its price hovering around $62,000.

Data from October shows institutional investors are offloading the cryptocurrency, weakening its momentum.

The Coinbase Premium Index, which compares Bitcoin prices on Coinbase and Binance, has stayed in the negative, signaling that U.S. investors are selling at lower prices than their global counterparts.

Analyst Maartunn pointed out that this index dropped to -$41, reflecting heightened selling activity.

U.S. Economy Will Crash and Bitcoin Will be the Salvation – Robert Kiyosaki

In addition to this, U.S. Bitcoin ETFs have seen outflows, with over $408 million leaving these funds in early October, while inflows lag behind at $260 million. Even portfolios tied to BlackRock experienced significant outflows during this period.

Glassnode highlighted $62,600 as a key support level for Bitcoin. A fall below this could lead to a drop toward $52,000, while breaking through $64,000 could see a surge beyond $72,000. At the time of writing BTC is priced at $62,100.

The market remains on edge, with the potential for sharp reactions depending on Bitcoin’s next move.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops

Lock your assets and earn 10%+ APR

Lock now!

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA•2025/09/12 06:14

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA•2025/09/12 06:14