Analysis: Bitcoin selling pressure still mainly comes from the US, with Coinbase spot selling pressure being the most prominent

November 15th, David Lawant, Head of Research at Anchorage Digital, stated in a post that Bitcoin selling pressure continues to primarily come from the United States. The chart he shared shows that from November 9th to 14th UTC, the cumulative volume delta (CVD) of Coinbase's main BTC spot trading pairs dropped to approximately -8,900 BTC, meaning aggressive selling exceeded aggressive buying by about 8,900 BTC, the largest gap among the four trading platforms shown in the chart.

During the same period, the CVD for Binance and Bybit was approximately negative 3,100 BTC and negative 700 BTC respectively, while OKX was approximately positive 1,400 BTC.