Spot Trading Analysis (Spot CVD): Coinbase vs Binance
The chart below highlights a clear divergence in spot demand behavior between major exchanges:
🔹 Coinbase has shown continued net buying since mid-April, with the Spot CVD index peaking at +45 million dollars per day, directly aligning with the market push towards the 104 thousand dollar level.
🔹 Binance, which faced strong selling pressure (-71 million dollars per day in March), has now seen a noticeable slowdown in this pressure to just -9 million dollars per day, indicating a decrease in the pace of selling.
🔥 This trend highlights a strong appetite for buying on dips, especially from Coinbase (often seen as representative of American institutional flows).
💡 The alignment between on-chain accumulation and off-chain spot demand confirms the strength of this rally and supports the hypothesis of a continued bullish trend — provided that demand remains strong.
📌 Monitor the ongoing strength of buyers in both indicators to maintain this upward momentum.
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