Kaiko Analysis: Bitcoin ETF Launch Leads to Downtrend - Binance, OKEx, Upbit Seeing Heavier Selling Pressure

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Bitcoin Spot ETF Approval Leads to Significant Drop

Bitcoin welcomed its spot ETF debut on January 11th, with the price surging to $48,988 at one point after the US stock market opened, but closed at $45,569 on the same day, dropping further to $41,360 on the 12th.

Bitcoin Spot ETF Officially Launched, BTC Drops, ETH Takes the Lead

Binance, OKX, Upbit Experience Selling Pressure

Kaiko reported that following the start of ETF trading, the cumulative volume delta (CVD) of all major exchanges saw a significant surge, with Binance and OKX's CVD quickly dropping into negative territory.

Although Upbit's trading volume is lower, it also showed consistent selling pressure with minimal retracements.

However, Coinbase and Bitstamp maintained positive CVD values.

Note: CVD tracks the net difference between buying and selling volume over time, providing data on overall bullish/bearish pressure in the market. A positive value indicates more buying pressure, while a negative value indicates more selling pressure.

Looking at the performance of Bitcoin spot ETF in the past week, it seems to lean more towards a "sell the news" event.