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Bitcoin Under Pressure as Spot Selling Takes Over on Binance and Coinbase
Buying pressure in the Bitcoin spot market has faded quickly. On Binance and Coinbase, two of the largest exchanges, sell volume now outweighs buy volume. The midterm election results contributed to market volatility during a broad sell-off. Bitcoin fell 5.5% yesterday, while the S&P 500 and the Nasdaq declined 4.3% and 6.3%, respectively. The reversal marks a shift from late summer. At the end of August, the 30-day moving average of the spot net volume delta reached $64.8 million on Binance and $64.3 million on Coinbase. Buying pressure persisted into September as Bitcoin climbed from $63 000 to $85 000. Yesterday, the same metric stood at −$28 million on Binance and −$9.4 million on Coinbase. The shift began in October on Coinbase, while Binance’s net spot volume remained positive. Spot selling is now weighing on Bitcoin’s price. If $75 000 fails to hold, Bitcoin could fall back toward $70 000. That area is the next major cluster of investor capital invested and could provide support if investors defend the level.