According to a report from CoinDesk, since the launch of the Bitcoin spot ETF in the United States last Thursday, Bitcoin (BTC) has been under continuous selling pressure. Data tracked by cryptocurrency data provider Kaiko shows that the selling pressure is mainly concentrated on several leading cryptocurrency exchanges, including Binance, OKX, and Upbit.
The data indicates that the cumulative volume delta (CVD) of BTC in the spot market of Binance turned positive last Thursday and has been declining since, equivalent to an outflow of nearly 5,000 BTC. The outflow of funds from the South Korean exchange Upbit ranked second, 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 total of net bullish/bearish pressure in the market, with a positive value indicating that the buying volume exceeds the selling volume, and vice versa. In its weekly report released on Monday (15th), Kaiko noted:
Kaiko also added that another institutional exchange, Itbit, although with lower trading volume, has shown continuous selling pressure, while Upbit has also seen consistent selling pressure with almost no retracement.
Most ETF custody partners Coinbase and Bitstamp have maintained positive CVD, which means there has been a net inflow of funds despite the weak price.