As Bitcoin’s price hovers above $30,000 this week, blockchain analytics firm Glassnode says the largest crypto asset by market cap is broadcasting a mix of bullish and bearish signals.
First among the bearish indicators is the current lack of institutional demand for BTC. Glassnode says that there appears to be little institutional interest currently in products like the Grayscale Bitcoin Trust or the Purpose ETF.
Explains the firm in a new report,
“The GBTC market price continued to trade at a notable discount last week, ranging between -11.0% and down to -15.3%. Whilst the discount has recovered from the absolute lows of -21.3% to NAV, any significant and persistent discount suggests lackluster demand, and can also attract capital away from spot BTC markets.
The Purpose ETF has also seen a slow-down in net inflows this week, after a period of relatively strong demand through May and June. The week closed with the largest net outflow of -90.76 BTC