Bitcoin (BTC) temporarily collapses below $60,000...Is it due to U.S. smart money's wait-and-see stance?

▲ Bitcoin (BTC), Gold

An analysis suggests that the wait-and-see stance of U.S. institutional funds is behind Bitcoin (BTC) falling from around $83,000 to the $60,000 level in just six weeks.

According to the cryptocurrency media outlet CryptoPotato on June 25 (local time), Bitcoin had regained the $80,000 mark six weeks ago and climbed to a multi-month high near $83,000. At the time, market forecasts even suggested a breakthrough to $100,000 before summer, but the trend sharply reversed thereafter.

Bitcoin fell below $60,000 during intraday trading today, marking the second time it has given up that range this June. As the market sentiment was reviving, a drop of around $23,000 occurred in a short period, leading investors to focus on changes in supply and demand rather than a simple correction.

Popular analyst Ali Martinez pointed to Coinbase Premium as a key indicator. This indicator, which shows the price difference of Bitcoin between Coinbase and Binance, is used to gauge the buying intensity of U.S. investors, especially institutions. Martinez said, “A negative premium means Bitcoin is trading at a cheaper price on Coinbase, suggesting that U.S. institutional buying pressure has dried up.”

According to Martinez, Coinbase Premium has not shown a positive recovery trend for the past 46 days. He saw this slowdown as similar to the large-scale capital outflow observed from U.S. Bitcoin spot ETFs. During the same period, approximately $5 billion flowed out of these funds, and Martinez stated, “U.S. smart money appears to be waiting on the sidelines for macroeconomic clarity before re-entering the accumulation phase.”

CryptoPotato also cited other factors for Bitcoin's decline, including uncertainty surrounding the Iran war, a strong dollar, and the potential selling by early long-term holders. Additionally, concerns surrounding Strategy and Stretch shares were identified as burdens. STRC fell below its face value of $100 to $80, and the explanation is that the company is under increasing pressure due to a structure where it must bear higher yields. Some analysts believe this trend could lead to a large-scale sale of Bitcoin by Strategy.

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