{"id":51449,"date":"2024-08-17T01:08:00","date_gmt":"2024-08-17T01:08:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-price-metric-institutional-interest-stablecoin-minting-ratio"},"modified":"2024-08-17T04:28:49","modified_gmt":"2024-08-17T04:28:49","slug":"institutions-not-so-interested-in-bitcoin-at-58k-metric-shows","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51449","title":{"rendered":"Institutions not so interested in Bitcoin at $58K, metric shows"},"content":{"rendered":"

There\u2019s one leading indicator to show whether there\u2019s institutional interest in Bitcoin at its current price, and it\u2019s not looking good right now, according to a crypto analyst.<\/p>\n

The seven-day minting ratio \u2014 a key stablecoin metric often considered one of the clearest indicators of Bitcoin (BTC) buyer activity \u2014 has significantly cooled off over the past seven days.<\/p>\n

\u201cInstitutions that funneled fiat into crypto through Circle took advantage of the dip below $55,000 but seem less inclined to pursue the market at current levels,\u201d 10x Research head of research Markus Thielen pointed out in his Aug. 16 report.<\/p>\n

Institutions may be holding out for further downfall<\/h3>\n

Bitcoin has been trading under $60,000 for the past 24 hours.<\/p>\n

The indicator measures the creation of new stablecoins and their issuance, essentially showing how much United States dollars have been exchanged for crypto.<\/p>\n

\u201cStablecoin inflows are a key sign if fiat dollars are being converted into crypto and then usually moved into coins like BTC or ETH,\u201d Thielen explained to Cointelegraph.<\/p>\n

It was a different story in early August when Bitcoin fell to $49,472,<\/p>\n

Thielen highlighted that this metric \u201csurged sharply\u201d on Aug. 6, reaching $2.7 billion.<\/p>\n

Related: <\/em><\/strong>Bitcoin buyers wait below $58K as Japan wipes out record stocks crash<\/em><\/strong><\/p>\n

However, it has since declined to $1.4 billion despite Bitcoin still trading below the critical $60,000 price level.<\/p>\n

He says stablecoin Tether (USDT) \u201cremains active,\u201d while Circle, the issuer of USD Coin (USDC), has become \u201cnotably quiet again.\u201d<\/p>\n

At the time of publication, Bitcoin is trading at $58,149, down 0.35% in the past 24 hours, according to CoinMarketCap data.<\/p>\n

\"\"
Bitcoin is down 4.47% over the past seven days. Source: CoinMarketCap<\/em><\/figcaption><\/figure>\n

Meanwhile, futures traders believe the asset\u2019s price has further downside potential, with the long-to-short ratio slightly leaning toward shorts over the past 24 hours at 50.88%, according to\u00a0CoinGlass.<\/p>\n

The Crypto Fear & Greed Index has dropped another two points, showing a \u201cFear\u201d score of 27 at the time of publication.<\/p>\n

Cointelegraph recently reported that despite the recent correction to five-month lows, Bitcoin could extend its bull rally for another year.<\/p>\n

Citing a report published by Bybit and BlockScholes, Based on Bitcoin\u2019s ratios during the previous cycles, the bull run will extend into the third quarter of 2025<\/p>\n

Magazine: <\/em><\/strong>How Chinese traders and miners get around China\u2019s crypto ban<\/em><\/strong><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

There\u2019s one leading indicator to show whether there\u2019s institutional interest in Bitcoin at its current price, and it\u2019s not looking good right now, according to a crypto analyst. 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