News Summary

• Data tracked by Paris-based Kaiko show the selling pressure has been concentrated on Binance, the leading crypto exchange by trading volumes, OKX, and Upbit.Bitcoin, the leading cryptocurrency by market value, changed hands at $42,700 at press time, representing a 12% drop from the high of $48,975 reached Thursday..
• Positive values indicate excess purchase volume, while negative values suggest otherwise.Binance’s spot market CVD flipped positive last Thursday and has been falling ever since, representing a capital outflow equivalent to nearly 5,000 BTC, data tracked by Kaiko show..
• The price drop seems to have stemmed from traders taking profits on long (buy) positions initiated in anticipation of ETFs’ debut.An indicator called the cumulative volume delta (CVD) shows traders from Binance led the so-called “sell-the-fact” pullback in bitcoin..
• The CVD tracks the net difference between buying and selling volumes over time, offering a total of net bullish/bearish pressures in the market..
• Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin..
• Limit Order Buy Sell Chart (Shutterstock)Bitcoin (BTC) has come under pressure since spot exchange-traded funds (ETF) began trading in the U.S. last Thursday..