According to CoinMeta, David Lawant, the research supervisor at Anchorage Digital, published on X an analysis of the cumulative trading volume differences (CVD) for Bitcoin spot trading pairs on four exchanges: Binance, Upbit, Coinbase, and OKX. The comparison shows that since November 9th, the CVD of Coinbase has been on a downward trend without any sustained rebound, while the fluctuations on the other three exchanges during the same period were not significant. David Lawant indicated that the main pressure for selling Bitcoin this time comes from the United States.