BTC Price Index and Live Chart – CoinDesk”>(BTC) has come under pressure since spot exchange-traded funds (ETF) began trading in the U.S. last Thursday. Kaiko, a Paris-based data tracking company, shows that the selling pressure is concentrated on Binance — the largest crypto exchange in terms of trading volume — OKX and Upbit.

Bitcoin, the most valuable cryptocurrency in terms of market value, was trading at $42,700 as we went to press. This represents a 12% decline from the $48,975 high reached on Thursday. It appears that traders are taking profits from long positions (buying) they initiated in anticipation of ETFs debut.

A CVD indicator shows that Binance traders were the ones who led the “sell-the fact” pullback of bitcoin. The CVD measures the difference in buying and selling volume over time. This gives a sense of the overall bullish/bearish market pressures. Positive values show excess purchases, while negative numbers suggest the opposite.

Kaiko data show that Binance’s CVD spot market has fallen since last Thursday, a capital outflow of nearly 5,000 BTC. Upbit, a South Korean exchange, has experienced the second largest net capital outflow. Itbit and OKX are also in the top three.

“The ETFs started trading on Thursday with a surge in cumulative volume Delta (CVD) in all major exchanges. A net of almost 3k BTC were market bought at Binance during the hour before the U.S. market opened. As some had feared however, sell the new took hold and Binance CVD fell quickly into the negative as did OKX. Kaiko reported in a Monday’s weekly report.

Kaiko said that “Upbit also showed consistent sales with little retraces, and Itbit was another institution exchange with lower volume, but consistent selling.”

Bitcoin’s spot CVD. Measuring net capital flows at major exchanges from Jan. 10 onwards. (Kaiko) (Kaiko)

The CVD of Coinbase (the custody partner for the majority of ETFs) and Bitstamp remained positive, indicating a net inflow despite the recent price decline.

Some analysts believe that prices could drop further down to $40,000 or lower before the current pullback loses steam. Bloomberg analysts’ projected $4 billion in inflows for the first day only is not reflected in the initial performance of ETFs. This supports the argument that prices will fall further.

Parikshit Miishra is the editor.