Crypto Traders Blame Binance for Bitcoin Drop, But Data Points to Coinbase
According to CoinGlass, the cumulative volume delta (CVD) on the Coinbase spot market reached -$1.08 billion between Oct. 31 and Nov. 15. CVD shows the difference between the volume of market buy orders and market sell orders, and a negative CVD means that sellers were more active on the exchange.Over the same period, the CVD on the spot markets of OKX, Bybit and Binance stood at $240.3 million, $65.17 million and $51.88 million, respectively, so buyers were more active on these three exchanges.The price of Bitcoin went down from $81,188 on Nov. 4 to $61,956 on Nov. 14, according to CoinGlass data, and the decline amounted to around 24%. On Sunday, to around $65,400.Binance spot market stays in the greenThe data comes amid claims that Binance has been pushing the price of Bitcoin down. The exchange lost $6.4 billion in a hack on Oct. 29, and some users on X then claimed that Binance was selling crypto to cover its losses. Two weeks after the attack, Binance published a Proof of Reserves report that showed client balances on the exchange were fully backed.This week, Binance founder Changpeng Zhao shared a comparison of Bitcoin charts ahead of the SpaceX and Anthropic IPOs and called it "an interesting analysis." Several users in the replies to his post blamed the drop in Bitcoin on selling by Binance.Binance is the largest crypto exchange by trading volume, and a large share of futures liquidations takes place on the platform. On Nov. 13, crypto exchanges liquidated 187,389 traders for a total of $1.65 billion in 24 hours, and 88% of that amount came from long positions, according to CoinGlass. Still, the CVD on the Binance spot market has stayed positive since Oct. 31.Coinbase selling comes ahead of Anthropic IPOCoinbase is the custodian for most U.S. spot Bitcoin ETFs, including BlackRock's iShares Bitcoin Trust, and many U.S. institutional investors trade on the platform through Coinbase Prime.Anthropic is set to start trading on Nasdaq on Nov. 19, and the selling on Coinbase comes ahead of the listing. Fundstrat managing partner Tom Lee has called the recent drawdown in Bitcoin a temporary rotation of money into mega-IPOs, and in the 50 days before the Anthropic IPO, Bitcoin has lost around 18%.The CVD on Coinbase fell most sharply between Nov. 10 and Nov. 14, and Bitcoin dropped below $70,000 during this period, according to CoinGlass data.