During the crash, the cumulative volume delta of the four major CEXs shows that the U.S. market may be the main source of selling

Odaily reports: David Lawant, Head of Research at Anchorage Digital, posted on X the cumulative volume delta (CVD) of Bitcoin spot trading pairs across four exchanges: Binance, Upbit, Coinbase, and OKX.

The comparison shows that starting from November 9, Coinbase's CVD has been trending downward consistently, with almost no sustained rebounds, while the other three CEXs showed no significant fluctuations during the same period. This suggests that Coinbase may be an important source of selling pressure in this round of BTC decline.

David Lawant commented on this, saying: "The selling pressure in this round of Bitcoin's decline mainly comes from the United States."