Four major CEXs' cumulative volume delta during the crash shows the U.S. market may be the main source of selling

Odaily Seongju Ilbo News - Anchorage Digital research director David Lawant posted on X the cumulative volume delta (CVD) of Bitcoin spot trading pairs on four exchanges: Binance, Upbit, Coinbase, and OKX.

The comparison results show that starting from November 9, Coinbase's CVD has been trending downward all the way, with almost no sustained rebound, while the other three CEXs showed no obvious fluctuations during the same period, which means Coinbase may be an important source of selling pressure in this round of BTC decline.

David Lawant said on this matter: "The selling pressure in this round of Bitcoin is mainly coming from the United States."