Bitcoin trading picked up, but sellers took the initiative
Glassnode's November 9 weekly report shows seller aggression despite higher turnover, leaving stronger cash-market buying as a recovery test. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Bitcoin's latest weekly trading data showed sellers retaining the initiative even as turnover rose, leaving its recovery near $75,000 without a clear sign that aggressive buyers were taking control.
The Nov. 9 report from blockchain analytics firm Glassnode sets a cautious starting point ahead of today's US inflation release.
Reuters reported closing gains of about 2.4% for the S&P 500 and 2.7% for the Nasdaq Composite on Nov. 9, with cheaper oil helping relieve inflation worries. Bitcoin was trading near $75,000 on Nov. 9, according to Glassnode.
Glassnode's latest Market Pulse put spot cumulative volume delta (CVD) at negative $92 million, compared with positive $7 million seven days earlier. Its spot volume indicator rose 13.3% to $6.4 billion from $5.6 billion.
CVD tracks the balance between aggressive buying and selling within the activity Glassnode measures. Negative CVD means aggressive selling outweighed aggressive buying in that measured activity.
The report's weekly indicators describe the demand conditions Bitcoin brought into the equity rally.
Farside Investors' completed Nov. 2-6 sessions show four aggregate outflow days and one inflow day, totaling $1,282 million in net outflows. Another $201 million left the funds on Nov. 9.