This steady drip of ETF outflow continues to add to the supply side without a visible demand offset, said Glassnode.
Bitcoin is sliding into a high-risk environment due to continued institutional selling, primarily from US spot exchange-traded funds, according to crypto analytics platform Swissblock.
Swissblock said on Tuesday that its Bitcoin risk index was at a high risk score of 33 out of 100, adding that “every time the Risk Index signals that selling pressure is structurally overwhelming the market, what sits underneath is institutional distribution.”
The platform’s proprietary risk index was developed to gauge the overall risk level in the Bitcoin market by measuring the relative balance between selling pressure and buying pressure, helping to assess how “risky” it currently is to buy or hold Bitcoin.
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