The Coinbase premium has fallen to its lowest level this month, reflecting a growing trend of institutional selling pressure in the cryptocurrency market. According to Darkfost, this decline is attributed to institutions adopting hedging strategies amid ongoing macroeconomic uncertainty. Nick Ruck, LVRG research director, noted that the drop in the Coinbase premium may also indicate net selling pressure from larger holders, suggesting that institutions are either taking profits or repositioning their assets. This shift could negatively affect the near-term price momentum of major cryptocurrencies. Additionally, US spot Bitcoin exchange-traded funds have reported outflows of $1.3 billion since May 14, further highlighting the trend of institutional selling. The demand for derivatives appears to be weakening as well, with open interest in Bitcoin futures decreasing by around $1.5 billion this week. As a result, Bitcoin's price has declined by 4.5% over the past week, hitting a monthly low of just above $76,000. At the time of writing, Bitcoin was trading flat at $77,621, significantly down from its peak of $124,000 in October.