Bitcoin Spot Selling Pressure Hit Its Highest Level Since Rally Began in August on Nov. 5

Bitcoin’s spot market recorded its strongest selling imbalance since the rally began in August on Nov. 5, exceeding the active selling seen during the Oct. 30 Binance security incident, crypto analyst Murphy said. Spot volume delta (SVD) was heavily tilted toward sellers, Murphy said. He said persistent active selling pushed prices lower, but the reading did not establish whether buyers had become better able to absorb sell orders. A future wave of active selling on the same scale that does not cause a significant price decline could suggest buyer order depth has improved, Murphy said. Until that happens, buyers’ ability to absorb selling at that level remains untested. Murphy said the Binance incident and a sharp drop in U.S. stocks struck the market in close succession, weakening bullish confidence.

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