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Bitcoin Spot ETF approved, followed by a major drop
Pressure on Binance, OKX, Upbit
Bitcoin Spot ETF approved, followed by a major drop
Bitcoin welcomed the listing of its spot ETF for the first time on January 11th. Although it briefly surged to $48,988 after the opening of the US stock market, it closed at $45,569 on the same day and dropped further to $41,360 on the 12th.
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Bitcoin Spot ETF officially listed, BTC drops, ETH takes over
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BTC 1H Chart | Source: OKX
Pressure on Binance, OKX, Upbit
Kaiko
In their report, they pointed out that after the ETF started trading, the cumulative volume delta (CVD) of all major exchanges surged significantly, and the CVD of Binance and OKX quickly dropped to negative values.
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Although Upbit had lower trading volume, it also showed continuous selling with little retracement.
However, Coinbase and Bitstamp maintained positive CVD values.
Note: CVD tracks the net difference between buying and selling volume over time, providing data on overall bullish/bearish pressure in the market. Positive values indicate greater buying pressure, while negative values indicate greater selling pressure.
Exchange CVD changes
Looking at the performance of the Bitcoin spot ETF in the past week, it seems to be more of a “sell the news” event.
OKX
UPbit
Binance
Further reading
TUSD decoupling, unable to withdraw from Poloniex? What happened to Justin Sun’s TUSD?
Regulatory issue? Binance adds monitoring tags for privacy coins like ZEC, XMR