Kaiko: Since the trading of spot ETF Bitcoin began, there has been selling pressure on Bitcoin

2024-01-16 15:57:45

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ChainCatcher news, according to CoinDesk, Bitcoin has faced selling pressure since the launch of the U.S. spot exchange-traded fund (ETF) last week.

A report from data analytics firm Kaiko indicates that Binance traders have led the sell-off of Bitcoin. Kaiko's cumulative volume delta (CVD) indicator shows that Binance's spot market CVD has been declining since last Thursday, suggesting significant capital outflow. Besides Binance, Upbit and OKX have also experienced notable net capital outflows.

Analysts predict that the price of Bitcoin may further decline to $40,000 or lower until the market's retracement momentum weakens. The initial performance of the Bitcoin ETF has been weak, which, compared to analysts' predictions of $4 billion in inflows on the first day, could lead to continued price declines.

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