Bitcoin (BTC) price tumbled more than 10% today to hit a low near $31,000 and at the time of writing it looks like the sell-off has a bit further to go. In a weekly report from crypto fund provider, CoinShares, some institutional investors seem to be booking profits and the analysts also cited the strengthening (trade-weighted) U.S. dollar.
Another indicator that points to professionals selling Bitcoin is the drop in "Coinbase Premium." As markets continue lower, an increasing number of investors may dump their positions with the intent to buy again at lower levels.