The Cumulative Volume Delta (CVD) index is a powerful index that accumulates the difference between buying and selling volume over time. This is especially relevant for the cryptocurrency market, where a significant amount of volume is concentrated.

Detailed analysis of CVD, segmented by exchange, shows notable differences. For example, Binance typically favors short positions, while Bybit tends to favor long positions. These fluctuations reflect the diverse strategies adopted by each exchange and are influenced by the profile of traders active on these platforms.

Interestingly, although Binance's CVD index shows a bearish trend, its volatility has a stronger correlation with price changes. This can be attributed to the fact that Binance has the highest trading volume compared to all other exchanges.

An important aspect to note is that, often, when both price and CVD are increasing, as seen with Bybit, this can indicate that many positions remain open. This situation suggests the potential for increased volatility and forced liquidations.