Analysts explained the Bitcoin correction by sales following the approval of the ETF
The cumulative volume delta (CVD) of digital gold on leading platforms turned negative following news of the approval of spot Bitcoin ETFs, according to Kaiko.
Analysts pointed to the implementation of the “sales after the fact” scenario. They noted that an hour before the US market opened on Binance, net purchases reached almost 3,000 BTC, but the advantage of buyers was short-lived.
Positive CVD remained only on Coinbase and the institutional-focused platform Bitstamp. The latter’s competitor, Itbit, recorded net sales, as did Binance, OKX and Kraken, popular exchanges among retail investors.
Ethereum and ERC20 tokens have become attractive in the eyes of investors due to speculation about future approval of spot Ethereum ETFs, according to experts. They noticed that after falling to yearly lows, the ETH/BTC ratio increased sharply.
