CoinGlass data shows that from October 31 to November 15, Coinbase’s spot market cumulative volume delta (CVD) was -$1.08 billion, with aggressive sell orders exceeding buy orders by $1.08 billion, making it the spot market with the most concentrated selling pressure during this downturn. Over the same period, the spot CVDs for OKX, Bybit, and Binance were +$240.3 million, +$65.17 million, and +$51.88 million, respectively, all indicating net buying. During this period, Bitcoin fell from $81,188 on November 4 to $61,956 on November 14, a decline of about 24%. David Lawant, head of research at Anchorage Digital, noted that from November 9 to 14, the CVD for Coinbase’s major spot trading pairs was about -8,900 bitcoins, with selling pressure coming mainly from the U.S. market. (Source: U.Today, citing CoinGlass, November 15; Lookonchain)$BTC $ETH