Crypto Traders Blame Binance for Bitcoin Drop, But Data Points to Coinbase
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According to CoinGlass , the cumulative volume delta (CVD) on the Coinbase spot market reached -$1.08 billion between Oct. 31 and Nov. 15. CVD shows the difference between the volume of market buy orders and market sell orders, and a negative CVD means that sellers were more active on the exchange. Over the same period, the CVD on the spot markets of OKX, Bybit and Binance stood at $240.3 million, $65.17 million and $51.88 million, respectively, so buyers were more active on these three exchanges. The price of Bitcoin went down from $81,188 on Nov. 4 to $61,956 on Nov. 14, according to CoinGlass data, and the decline amounted to around 24%. On Sunday, Bitcoin recovered to around $65,400.
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