Crypto Traders Blame Binance for Bitcoin Drop, But Data Points to Coinbase
Bitcoin price fell 24% from $81,188 to $61,956 between Nov. 4-14, with data showing Coinbase spot market selling rather than Binance activity as the primary driver.
According to CoinGlass data, Bitcoin's price dropped from $81,188 on Nov. 4 to $61,956 on Nov. 14, a decline of approximately 24%. The cryptocurrency recovered to around $65,400 by Sunday, but the sharp drop has left many traders searching for explanations.
Some users on social media platform X claimed that Binance was selling crypto to cover losses following a $6.4 billion hack on Oct. 29. However, data from CoinGlass tells a different story about the market dynamics during this period.
Coinbase Selling Pressure
The cumulative volume delta (CVD) on Coinbase's spot market reached -$1.08 billion between Oct. 31 and Nov. 15, indicating that sellers were significantly more active than buyers. This negative CVD contrasts with figures from other major exchanges.
Over the same period, OKX showed a positive CVD of $240.3 million, Bybit $65.17 million, and Binance $51.88 million, suggesting buyers were more active on these platforms. Binance's spot market CVD has remained positive since Oct. 31, despite being the largest crypto exchange by trading volume.
IPO Impact
The selling on Coinbase comes ahead of Anthropic's planned IPO on Nasdaq on Nov. 19. Coinbase serves as the custodian for most U.S. spot Bitcoin ETFs, including BlackRock's iShares Bitcoin Trust, making it a key platform for institutional investors.
In the 50 days leading up to the Anthropic IPO, Bitcoin has lost around 18% of its value. The sharpest decline in Coinbase's CVD occurred between Nov. 10 and Nov. 14, coinciding with Bitcoin dropping below $70,000.
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