Institutional investors offload their BTC holdings, increasing selling pressure

Bitcoin fell for three straight days this week from its Monday high of $96,500 to Wednesday’s low of $82,256. This price correction was supported by falling institutional demand and rising selling pressure.

According to Coinglass data, Bitcoin spot Exchange Traded Funds (ETF) data recorded net outflows of $2.2 billion in the last three days this week, continuing its ongoing sell-off from over the past weeks. If the magnitude of the outflow continues and intensifies, the Bitcoin price could see further corrections.