Bitcoin’s spot demand has declined at its sharpest rate since early January, according to fresh data from CryptoQuant, as the Coinbase premium plunged to a one-month low of -0.0983%. The twin signals point to intensifying selling pressure from both retail and institutional investors, raising fresh concerns about the sustainability of current price levels.
CryptoQuant Head of Research Julio Moreno reported that the on-chain metric tracking spot demand has turned negative after a brief recovery. The indicator, which measures the difference between total BTC inflows and outflows on spot exchanges, suggests more coins are moving onto trading platforms than are being withdrawn – a pattern historically associated with elevated selling pressure. The last time the indicator fell at a comparable rate was on January 10, preceding a correction of over 10% in subsequent weeks.
Institutional selling is accelerating, as reflected by the Coinbase premium metric. CryptoQuant analyst Darkfost noted that the premium has been predominantly negative since late April and has deteriorated sharply over the past week. “Institutional selling pressure has intensified recently,” Darkfost said. “This suggests that the population of institutional and professional investors trading on Coinbase Advanced is selling more aggressively than investors trading on Binance.”
U.S. spot Bitcoin ETFs have recorded $1.3 billion in net outflows over four consecutive trading sessions since May 14, according to CoinGlass. Meanwhile, open interest in Bitcoin futures and perpetual contracts dropped by roughly $1.5 billion this week, clearing leverage that had built up during Bitcoin’s push toward $82,000. BTC itself fell 4.5% during the period, hitting a monthly low of $76,000 before stabilizing around $77,621 – down 38% from its October peak.
Macroeconomic uncertainty appears to be driving institutions toward hedging strategies, with risk assets diverging. Gold is down 5.8% over the past month, while equities like the S&P 500 and Dow Jones have trended upward since early April. Nick Ruck, research director at LVRG, told Cointelegraph that the premium decline could reflect “the emergence of net selling pressure from larger holders,” reinforcing the narrative that Bitcoin is currently trading as a risk-on asset rather than a store of value.
Market participants now await a reversal in the Coinbase premium as a potential signal that institutional buying interest has returned. Bitfinex analysts noted that “the next major move likely depends on spot demand,” suggesting the near-term outlook remains fragile until genuine spot buying resumes.
