According to Kaiko data, the selling pressure that pushed the Bitcoin price down was caused by transactions in three cryptocurrency exchanges.
Bitcoin price started to decline after a short-term rise after spot exchange-traded funds (ETFs) started trading and fell to 42 thousand dollars.
According to the indicator called Cumulative Volume Delta (CVD), which reflects the change in the difference between buying and selling volumes over time Investors in Binancecreated a huge selling pressure on Bitcoin after ETFs opened.
According to Kaiko data from Binance to about 5 thousand BTC in total The corresponding size of capital was released. In terms of capital outflow, Binance was followed by Upbit, Itbit and OKX.
In Kaiko’s report, “ETFs began trading late on Thursday and there was an increase in the cumulative volume delta of all major exchanges, such that a net 3,000 BTC was purchased from Binance within the hour after markets opened in the US. However, as some feared, people started selling the news and, like OKX, Binance’s CVD soon fell into negative territory.” It was said.
In contrast, CVD on Coinbase and Bitstamp exchanges remained in positive territory. These indicate that capital flows are still is in plus is showing.
