According to CoinMeta, Anchorage Digital research supervisor David Lawant posted on social media the cumulative trading volume differences (CVD) for Bitcoin spot trading pairs on four exchanges: Binance, Bybit, Coinbase, and OKX. The comparison results show that since November 9th, the CVD of Coinbase has been on a continuous downward trend with almost no sustained rebound, while the fluctuations of the other three exchanges CEX during the same period were not significant. This indicates that Coinbase may be an important source of selling pressure during this round of Bitcoin decline. David Lawant stated: "The selling pressure on Bitcoin this time is mainly coming from the United States."