Onchain
Highlights

DEFINITION: Spot
Cumulative
Volume
Delta
(CVD)
measures
the
net
difference
between
buying
and
selling
trade
volumes,
specifically
highlighting
the
difference
in
volume
where
the
buyer
or
seller
was
the
aggressor.
It
includes
trades
where
USD
or
USD-related
currencies
serve
as
the
quote
currency,
encompassing
both
fiat
and
stablecoins. 

Bitcoin’s
Spot
Cumulative
Volume
Delta
(CVD)
data
reveals
notable
trading
behavior
across
exchanges.
In
early
2024,
significant
buying
pressure
was
evident,
correlating
with
Bitcoin’s
all-time
high
in
March.

 

The
surge
may
be
attributed
to
increased
investor
confidence
following
the
launch
of
spot
Bitcoin
ETFs
in
January,
as
well
as
growing
institutional
interest,
which
has
been
a
key
driver
of
recent
market
trends.

Post-halving,
the
CVD
indicates
fluctuating
volume
with
occasional
spikes
in
buying
activity,
though
the
market
also
witnessed
substantial
selling
pressure,
particularly
in
May
and
June.
This
selling
pressure
coincided
with
regulatory
developments
in
key
markets,
influencing
investor
sentiment
and
causing
temporary
price
corrections.

Historically,
the
long-term
CVD
chart
shows
periods
of
intense
buying
and
selling
activities
aligned
with
Bitcoin’s
price
cycles.
The
significant
buying
volumes
in
late
2020
and
early
2021,
followed
by
periods
of
selling
in
2022,
highlight
the
cyclical
nature
of
market
behavior.

Current
trends
suggest
that
while
Bitcoin
faces
short-term
volatility,
underlying
buying
pressure
may
support
its
long-term
bullish
outlook.