Jan 16, 2024

Bitcoin (BTC) has come under pressure since spot exchange-traded funds (ETF) began trading in the U.S. last Thursday.

Video transcript

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at chart of the day. Bitcoin's sell the news pullback came from Binance and OKX. That's according to new data from Kio. The Paris based research firm shows that selling pressure has been concentrated on Binance, the leading crypto exchange by trading volume. OK X and up bit an indicator called the cumulative volume delta or CBD for short shows, traders from Binance led the pullback in Bitcoin. The CV D tracks the net difference between buying and selling volumes over time offering a total of net bullish or bearish pressures in the market. Positive values indicate excess purchase volume and negative values suggest. Otherwise Kio said in a weekly report quote, the ETF S began trading last Thursday with a strong surge in cumulative volume delta across all major exchanges. A net of 3000 Bitcoin was market bought on finance in the hours surrounding market open in the US. However, as some had feared sell the news took hold in bins CV D quickly fell into the negative as did OK. X's end quote. As of 10:10 a.m. Eastern time. Bitcoin is trading at around $42,600 relatively flat on the day. But you'll remember Bitcoin reached a high of 48,975 on Thursday. On the back of that ETF news. That's a wrap for chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.

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