According to the on-chain analysis platform Lookonchain, there has been a notable decline in Bitcoin's price to below $60,000 recently, an event that might be closely tied to the reduced stablecoin buying activity by institutional investors. The data indicates that institutions have stopped drawing USDT from Tether Treasury over the last couple of days, instead moving these funds to exchanges. This shift in behavior became apparent after the intense market volatility on August 9th, with around $1.3 billion of USDT having been transferred from Tether Treasury to exchanges since then. This suggests that institutional investors' stance toward the cryptocurrency market could have subtly altered, decreasing their investment in stablecoins, which in turn influenced market sentiment and contributed to Bitcoin's price swings.