On March 11, Glassnode’s cumulative Bitcoin spot volume delta (CVD) reached its highest level in 2024, approaching $900 million. The surge in CVD, which measures the net difference between active buying and selling pressure on major cryptocurrency exchanges, signals strong bullish sentiment in the Bitcoin market.
Looking at hourly data, CVD saw a surge of over $360 million around 7am UTC when Bitcoin rallied from $68,500 to $71,200 in 3 hours. Most of the remaining buying occurred before 8pm UTC, with selling pressure of around $70 million occurring around 10am and then again at 3am on March 12. (CryptoSlate)