TechFlow reports, Kaiko indicates that BTC has faced selling pressure following the launch of spot Bitcoin ETFs in the United States, primarily concentrated on Binance, OKX, and Upbit.
Trading volume data shows an immediate sell-off effect on Binance, resulting in net outflows from the exchange. Other exchanges such as Upbit, Itbit, and OKX also experienced net outflows. In contrast, the CVD (Cumulative Volume Delta) for most ETF custodial partners, including Coinbase and Bitstamp, remained positive.
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