Are Institutions Already Over The Bitcoin Digital Gold Narrative?

Bitcoin trades at $36,786 and records profits in the 7-day chart, after two consecutive weeks of losses. In the 30-day chart, BTC still has a 32.3% loss. The price action painfully moves higher in the current range, but without conviction from the bulls.

BTC trends downwards in the daily chart. Source: BTCUSD Tradingview

The crypto market seems to be stagnated after BTC’s price crash. The battle has been fought by short-term holders selling their coins to long-term holders, but institutions have been mostly absent during the correction.

Data from CryptoQuant suggest institutional demand for the Grayscale Bitcoin Trust (GBTC) and the Bitcoin Fund launch in Canada by investment fund manager 3iQ is decreasing.

As seen below, the GBTC has seen a negative premium and has been trading at a discount since March 2021. This caused discomfort and concern from their clients and Grayscale’s parent company, Digital Currency Group, was forced

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