Bitcoin spot ETF plunged after approval

Bitcoin ushered in the first listing of the spot ETF on January 11. Bitcoin soared to $48,988 after the U.S. stock market opened that day, but finally closed at $45,569. On the following 12th, the price of Bitcoin fell further to $41,360.

Binance, OKX, Upbit welcome selling pressure

According to Kaiko’s report, after the ETF started trading, the cumulative trading volume difference (CVD) of all major exchanges showed significant changes. The CVD of Binance and OKX quickly dropped to negative values.

Upbit, despite lower trading volume, also showed sustained selling with little retracement.

However, the CVDs of Coinbase and Bitstamp remain positive.

CVD tracks the net difference in buying and selling volume over time, reflecting overall bullish/bearish pressure in the market. Positive values indicate greater buying pressure, and negative values indicate greater selling pressure.

Exchange CVD changes

Judging from the performance of the Bitcoin spot ETF in the past week since its launch, this seems to be closer to a "sell the news" event.

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