According to a report from CoinDesk, since the launch of the US Bitcoin spot ETF last Thursday, Bitcoin (BTC) has been under continuous selling pressure. Data from cryptocurrency data provider Kaiko shows that the selling pressure is mainly concentrated on several leading cryptocurrency exchanges, including Binance, OKX, and Upbit.
The data shows that the cumulative volume delta (CVD) of BTC in the spot market of Binance turned positive last Thursday and has been declining ever since, equivalent to an outflow of nearly 5,000 BTC. Upbit, a Korean exchange, ranked second in net fund outflow, followed by Itbit and OKX.
The CVD indicator tracked by Kaiko measures the net difference between buying and selling volumes over a period of time. It represents the cumulative sum of net long/short pressures in the market, with a positive value indicating that the buying volume exceeds the selling volume, and a negative value indicating the opposite. In its weekly report released on Monday (15th), Kaiko stated:
Kaiko also noted that Itbit, although with lower trading volume, has also seen continuous selling pressure, and Upbit has similarly experienced sustained selling pressure with little retracement.
Most ETF custodial partners Coinbase and Bitstamp maintain positive CVD, which means that net fund inflows have occurred even in the face of weak prices.
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