Analyst: Binance and Coinbase spot net selling dominates, Bitcoin under pressure

BlockBeats news, November 6 - CryptoQuant certified analyst Darkfost posted that Bitcoin spot buying has faded quickly, with sell volume exceeding buy volume on both Binance and Coinbase trading platforms. He pointed out that the midterm election results exacerbated volatility amid widespread selling, with Bitcoin dropping about 5.5% yesterday, while the S&P 500 and Nasdaq fell about 4.3% and 6.3% respectively.

Darkfost stated that this shift differs from the late-summer situation: at the end of August, the 30-day moving average of the spot net volume difference reached about $64.8 million on Binance and $64.3 million on Coinbase, with buying pressure continuing into September as Bitcoin rose from about $63,000 to about $85,000; yesterday the same metric reported about -$28 million and -$9.4 million respectively. The shift on Coinbase began in October, when Binance net spot volume was still positive. He believes spot selling pressure is weighing on prices, and if the $75,000 level does not hold, Bitcoin may fall back to around $70,000, which is the next major investor cost concentration zone and could provide support if funds defend it.