The yellow line in the chart represents the 30-day deviation of Binance's spot trading activity from its 90-day normal (SVDD), while the blue line represents Coinbase's. The former exhibits greater volatility, reflecting more the sentiment of global retail and trading funds; the latter shows less volatility, reflecting more the attitude of US institutional funds. A phenomenon observed here is that: After October 21st, the price of BTC continued to fall, but Binance's SVDD began to diverge and has returned above the zero line (red line). This indicates that active buying in the spot market is marginally strengthening, with trading funds favoring buying during the downtrend. However, selling pressure may be coming from elsewhere. The blue line was below the zero line during the same period and continued to decline, indicating that active selling pressure on Coinbase is stronger than normal. In summary, it appears that US institutions are selling, while Binance is buying. In addition, ETF outflows and deleveraging in the futures market are also contributing factors to the decline. Currently, in this contest between the two forces, the US side clearly holds the advantage. Then we have to wait until the blue line turns around, or returns to above the zero axis, indicating that the selling pressure has truly weakened; or the yellow line becomes stronger and can completely cover the price.