Selling pressure from professional and institutional investors shows no sign of abating, if anything, it has accelerated in recent weeks.

The Coinbase Premium Index, which tracks the price differential of BTC between Binance and Coinbase Advanced, has not returned to positive territory since May 15.

Given that Coinbase Advanced caters exclusively to professional and institutional clients while Binance remains the reference platform for retail traders with the highest volumes, a price consistently dragged lower by institutional players speaks volumes about the prevailing bearish sentiment surrounding Bitcoin.

This dynamic is a perfect reflection of the current macro backdrop, which remains deeply unfavorable for risk assets such as BTC.

Today's PCE reading reinforced that narrative, coming in at 4.1% against an expected 4.0%, while Core PCE printed at 3.4% versus the 3.3% forecast, the highest levels recorded since April 2023, partly driven by the conflict involving Iran and U.S.

Adding further complexity to the picture, GDP came in well above expectations at 2.1%, placing the Fed in an increasingly difficult position. With no prospect of monetary easing on the horizon in the near term, and the possibility of additional tightening back on the table, risk aversion among large-scale investors remains firmly entrenched.

Written by Darkfost