Cryptocurrency analyst Ali Martinez spotlighted a prolonged lull in institutional buying pressure for Bitcoin as the apex cryptocurrency hit a 20-month low on Wednesday.

Institutional Demand Dries Up

Martinez pointed to the 46-day negative streak in the Coinbase Premium Index, a CryptoQuant metric that measures the price gap of Bitcoin between Coinbase and offshore exchanges. It is a widely used barometer for U.S. institutional demand and overall market sentiment.

“A negative premium means $BTC is trading cheaper on Coinbase, suggesting that U.S. institutional buying pressure has dried up,” the analyst stated.

Martinez also highlighted the “cooling period” in spot exchange-traded fund flows. The Bitcoin ETFs have experienced…