Bitcoin price falls to $60.000 as institutional pressure persists

The Bitcoin price is currently at $60K, a drop of 2.4% over the past 24 hours. Behind that drop lies a clear pattern: institutional investors have been selling for weeks, and recent macroeconomic data give them little reason to stop.

Bitcoin is available at OKX and Bybit.

Coinbase Premium Index Has Been Negative for 40 Days

The Coinbase Premium Index measures the price difference of Bitcoin between Binance and Coinbase Advanced. That difference has been negative since 15 May, meaning that Bitcoin on Coinbase is consistently cheaper than on Binance. That may sound technical, but the implication is significant: Coinbase Advanced serves almost exclusively professional and institutional clients, while Binance is the platform of choice for retail investors.

A persistently negative index therefore indicates that large players are structurally selling. Analyst Darkfost states that selling pressure from that corner is not only persisting, but has even increased further in recent weeks. This aligns with earlier signals, such as the doubled inflow of Bitcoin on Binance due to panic selling and the negative ETF flows that again turned out significantly negative.

PCE Data Reinforces Risk Aversion in the Markets

The macroeconomic backdrop offers little support. The PCE inflation, one of the Federal Reserve’s preferred measures, comes in at 4.1% versus an expectation of 4.0%. Core PCE prints at 3.4% versus 3.3% expected, the highest level since April 2023. These figures are partly driven by the conflict involving Iran. GDP, on the other hand, comes in higher than expected at 2.1%, putting the Fed in a difficult position.

Due to the combination of high inflation and a strong economy, a rate cut in the short term is hardly realistic. The prospect of further tightening is even back on the table, prompting large investors to remain cautious with risky assets such as Bitcoin. Darkfost indicates that as long as monetary easing remains absent, the bearish sentiment among institutional parties remains firmly entrenched. Whether a bottom is in sight in the longer term can be read in the analysis on whether the Bitcoin four-year cycle is in its final correction phase.