According to a report by CoinDesk, Bitcoin (BTC) has been under selling pressure since the launch of the US Bitcoin spot ETF last Thursday. 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 shows that the cumulative volume delta (CVD) of BTC in the spot market of Binance turned positive last Thursday and has been declining since then, equivalent to an outflow of nearly 5,000 BTC. Upbit, a South Korean exchange, ranked second in terms of net outflows, 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 pressures in the market, with positive values indicating that the buying volume exceeds the selling volume, and negative values indicating the opposite. In its weekly report released on Monday, Kaiko added:
Kaiko also noted that Itbit, although having lower trading volume, has also seen sustained selling pressure, as well as Upbit, which has had almost no retracement.
Most ETF custodial partners, Coinbase and Bitstamp, have positive CVD, indicating net inflows even in a weak price environment.
