Viewpoint: The current Bitcoin selling pressure is mainly coming from Binance, OKEx, Coinbase, and the futures market continues to absorb buying.

August 11th: An analyst stated that the recent Bitcoin price drop was mainly driven by net selling on the Binance and OKX spot markets.

The net selling pressure on Binance and OKX continues to increase, becoming a key factor contributing to the current market downturn. In contrast, the Coinbase spot market remains in a net buying state, indicating that some institutional funds are still accumulating on dips.

Meanwhile, buying activity in the Bitcoin futures market is rapidly strengthening. Data shows that during the price pullback, some large investors (whales) in the futures market are actively buying, suggesting that some funds are taking advantage of the price drop to build long positions.