Leverage and cash pulled Bitcoin in opposite directions over the seven days to Nov 10, 19:00 UTC.
On the US spot venue, buyers paying the asking price outweighed sellers by +$255M. On the global perp market, where positions run on borrowed money, sellers came out ahead by -$486M. Both are cumulative volume delta, aggressive buying minus aggressive selling added up over the week.
The perp side leaned hardest at the end. The last 24 hours carried -$358M of that net selling, against +$18M of spot buying in the same stretch.
On the US spot venue, buyers paying the asking price outweighed sellers by +$255M. On the global perp market, where positions run on borrowed money, sellers came out ahead by -$486M. Both are cumulative volume delta, aggressive buying minus aggressive selling added up over the week.
The perp side leaned hardest at the end. The last 24 hours carried -$358M of that net selling, against +$18M of spot buying in the same stretch.
