There’s currently one main 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 7-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 .

Institutions may be holding out for further downfall

Bitcoin has been trading under $60,000 for the past 24 hours.

The indicator measures the creation of new stablecoins and their issuance, essentially showing how much USD has been exchanged for crypto.

“Stablecoin inflows are a key sign if fiat dollars are being converted into crypto and then usually moved into coins like BTC or ETH,” Thielen explained to Cointelegraph.

It was a different story in early August when Bitcoin fell to $49,472,

Thielen highlighted that this metric “surged sharply” on Aug. 6, reaching $2.7 billion.

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However, it has since declined to $1.4 billion, despite Bitcoin still trading below the critical $60,000 price level.

He says stablecoin Tether ( USDT ) “remains active,” while Circle, the issuer of USD Coin ( USDC ), has become “notably quiet again.”

At the time of publication, Bitcoin is trading at $58,149, down 0.35% in the past 24 hours, according to CoinMarketCap data .

Bitcoin is down 4.47% over the past seven days. Source: CoinMarketCap

Meanwhile, Futures traders believe the asset’s price has further downside, with the long-to-short ratio slightly leaning toward shorts over the past 24 hours at 50.88%, per CoinGlass.

The Crypto Fear Greed Index has dropped another 2 points, showing a “Fear” score of 27 at the time of publication.

Cointelegraph recently reported that despite the recent Bitcoin correction to five-month lows , Bitcoin could extend its bull rally for another year.

Citing a report published by Bybit and BlockScholes, Based on Bitcoin’s ratios during the previous cycles, the bull run will extend into the third quarter of 2025

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.