Bitcoin (BTC) has been facing difficulties ever since exchange-traded funds (ETFs) began trading in the U. S On the most recent Thursday. Information tracked by Kaiko in Paris shows that most of the selling activity is focused on Binance, OKX, and Upbit, which are the top cryptocurrency exchanges.
Bitcoin, which is the most popular cryptocurrency, is currently being sold for $42,700. This is 12% lower than its high price of $48,975 on Thursday. The price went down because traders sold stocks they had bought earlier in hopes that ETFs would do well.
A measure called the cumulative volume delta (CVD) indicates that traders from Binance were the ones driving the decrease in bitcoin prices after an event. The CVD shows if there are more people buying or selling stocks over time. Positive numbers mean buying too much, while negative numbers mean buying too little.
Upbit in South Korea had the second highest outflow of money, with Itbit and OKX following behind.
“The ETFs started trading last Thursday and there was a big increase in buying on all the major exchanges. Almost 3k BTC was bought on Binance in the hour when the U. S market opened” But, as some people were worried, when the news was sold, the value of Binance’s CVD and OKX quickly went down, according to a report published on Monday by Kaiko.
Kaiko said that Itbit and Upbit, which are big exchanges for professionals, have been selling a lot of cryptocurrency steadily, with only a few times when the price went up again.
Coinbase and Bitstamp’s custody partner for most ETFs, CVD, has seen a positive result, which means more money coming in despite prices going down.
According to some experts, prices might go down to $40,000 or even lower before they start to go back up. The ETFs didn’t do as well as expected on the first day. Bloomberg analysts thought there would be $4 billion coming in, but that didn’t happen. This could mean the prices will go down even more.
