📊 Spot CVD Analysis: Coinbase vs Binance
The chart below underscores a clear divergence in spot demand behavior between major exchanges:
🔹 Coinbase has shown consistent net buying since mid-April, with Spot CVD peaking at +$45M/day, directly aligning with the market’s push toward $104K.
🔹 Binance, once under strong selling pressure (-$71M/day in March), has now cooled significantly to just -$9M/day, signaling a slowdown in sell-side pressure.
🔥 This trend highlights a strong dip-buying appetite, especially from Coinbase (often seen as US-based institutional flow).
💡 The alignment between on-chain accumulation and off-chain spot demand validates the strength of this rally and supports a sustained bullish thesis — provided the demand remains resilient.
📌 Watch for sustained buyer strength across both metrics to maintain this bullish momentum.#BitcoinDemand