10x Research’s Markus Thielen says one stablecoin metric is key to indicating institutional interest in Bitcoin, but it’s not flashing green right now.
There’s one leading indicator to show whether there’s institutional interest in Bitcoin at its current price, and it’s not looking good right now, according to a crypto analyst.
The seven-day minting ratio — a key stablecoin metric often considered one of the clearest indicators of Bitcoin (BTC) buyer activity — has significantly cooled off over the past seven days.
“Institutions 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,” 10x Research head of research Markus Thielen pointed out in his Aug. 16 report.
