Today's Market (2) Looking at the funding side, the past few days have been quite fragmented. The buying support for BTC... surprisingly came from Bitget? They opened BTC withdrawals, so everyone went crazy buying BTC on Bitget and withdrawing it, unexpectedly becoming the buying force for BTC?! ------------ On Binance, funds have been actively selling off since the peak on the 21st. CVD has reached -9000... If this were the first half of the year, such sustained -9000 CVD selling pressure on Binance would have caused the price to drop in a one-sided trend... But starting from the 24th, it entered a sideways consolidation zone below. Moreover, since the 24th, the aggregated spot CVD across exchanges has started to rise slowly. This indicates that active buying on other exchanges has offset the active selling pressure on Binance. So let's take a closer look... ----------- In the past few days, the biggest contributors to spot CVD have been Bitget and Huobi... ----------- Bitget is easy to understand... Before the hacking incident, Bitget was already in a sideways state... After the announcement that BTC withdrawals would be opened first, BTC on Bitget started accelerating active buying, and CVD surged... The biggest hourly spike happened exactly during the hour BTC withdrawals resumed. At the same time, the BTC premium on Bitget relative to Binance also spiked to as high as 10bp. Now it's gradually returning to normal... So, aggregated spot CVD has rebounded by over 3000 since the bottom on September 25th, most of which came from Bitget. Basically, it's just people swapping coins and exiting, not really bullish active buying. Similarly, the very negative CVD on other exchanges could also be seen as active selling to exit positions... Maybe it's just BTC withdrawn from Bitget being sold on other exchanges... This roughly explains the divergence in CVD funding flows over the past few days... Meanwhile, the order book has been particularly thin during this period, so even slight buying pressure can push prices up and down. Combine that with yesterday's back-and-forth news about U.S.-Iran talks... and you've got the hard mode we've seen in the past few days. As for why Huobi has abnormal CVD buying pressure... no clue on that one.