Anchorage Digital head of research David Lawant said the United States was the main source of Bitcoin (BTC) selling pressure, pointing to a comparison of spot data from four exchanges.

Lawant’s comparison tracked cumulative volume delta (CVD) for Bitcoin spot pairs on Binance, Bybit, Coinbase and OKX. Coinbase’s reading trended lower from Nov. 9, with almost no sustained rebound. The other three exchanges showed little noticeable fluctuation. The pattern suggested Coinbase may have been an important source of selling pressure during the decline.

Bitcoin fell below $66,000 Saturday, nearly 25% below its Sept. 21 high of $87,395. It traded at $65,075 at 10:29 p.m. ET Saturday (03:29 UTC Sunday).

A separate Coinbase market indicator, the Bitcoin premium index, also had a 33-day negative stretch, a reading associated with weak U.S. buying power.

Enna Lee

Enna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to [email protected].