When Will Institutional Selling Pressure on Bitcoin End? What Does On-Chain Data ‘Coinbase Premium’ Show?
In the cryptocurrency markets, attention has long been focused on the main reason for the price pressure. While general market analysts talk about short-term corrections, on-chain data points to a much deeper structural change: the Coinbase Premium Index has remained in negative territory uninterrupted since April 27th. This situation clearly reveals that US institutional investors and the spot ETF side have been in a selling and withdrawal trend that has dominated the market for more than a month. So, what does April 27th mean for the market? The April 27 Breakdown: What Changed in the US? The market, which remained vibrant until the last week of April with spot Bitcoin ETF inflows and aggressive buying from the US, reversed direction as of April 27th. The fact that the Coinbase Premium Index has been negative (ranging from -0.15% to -0.19%) since that date indicates that US whales are much less enthusiastic than global retail investors and are moving out of the market to cash. Three key macroeconomic factors stand out as being behind this situation:Geopolitical Risks and Risk-Off Mode: Tensions centered in the Middle East and uncertainties in global markets have pushed US fund managers towards a more protective (risk-off) position.Halt in ETF Inflows and









