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

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.

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.