BTC Sell-Off on Binance Absorbed by Coinbase, Bitfinex Buying Pressure

IconCNT15 May, 2024

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BTC Sell-Off on Binance Absorbed by Coinbase, Bitfinex Buying Pressure

**Coinbase, Bitfinex Buying Pressure Mitigates Binance BTC Sell-offs** Coindesk's analysis reveals that the sell-off in the Bitcoin (BTC) market on Binance is being offset by the buying pressure on Coinbase and Bitfinex, leading to a recovery in BTC price. Data from Dookingfisher shows that the cumulative delta trading volume (CVD) of Coinbase and Bitfinex has increased, indicating a surge in net buying pressure. Conversely, Binance's CVD has decreased, suggesting continued selling pressure. Skew, an anonymous cryptocurrency analyst, explains that Binance's spot market continues to experience sell-offs, but these are being balanced by passive buy orders on Coinbase, where the sell-off pressure is countered by buying pressure. **Previously on 15 May 2024:** * Cryptocurrency-focused media outlet Coindesk analyzed that "The sell-off in the BTC market on Binance is being absorbed by the buying pressure on Coinbase and Bitfinex. This market trend is leading to a recovery in the BTC price."

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