Yesterday, a friend asked in the comment section: "Which exchanges are the main sources of the recovery signal from 0 to 1 in the 'Exchange Purchasing Power Index'? At present, I think Binance should be the one that contributes the most to data. We can see from the BTC spot trading volume difference (VDB) - which measures the net difference between active buy/sell trading volumes - that the VDB of Binance (yellow line) and other exchanges (gray line) have both rebounded from the bottom and exceeded the 90 day median (red line), representing a rebound in active buying. (Figure 1) Only Coinbase's VDB (blue line) remains below the 90 day median. Although the value was also above the red line during the period of 11/22-12/9, the deviation was not significant, which means that even if active buying is dominant, it is not strong enough. We can see the difference by comparing the positions of the other two red shaded areas: during the period of August September 24 and March April 25, both the blue line and the blue, yellow, and gray lines were above the red line. Obviously, during the BTC price decline, the purchasing power of investors in Coinbase played a dominant role. Therefore, when combined with the recovery signal of the "Exchange Purchasing Power Index", I personally believe that the probability of a "trend reversal" is not high, and it may be more reasonable to consider this as a possible rebound expectation. Of course, if we can see that Coinbase's active buyers are also starting to follow suit in the later stage, it's a different story. ---------------------------------------------- Bitget VIP， Lower rates and more generous benefits