Following a tumultuous start to the month, the cryptocurrency market has yet to shake off the early August blues. The story has not been very much different for the price of Bitcoin, which struggled to make an impact in the past week.
With BTC’s price almost 20% adrift of its all-time high of $73.737, there have been increased calls for the premier cryptocurrency to return to the bull market. Interestingly, a recent on-chain observation shows that Bitcoin has witnessed substantial bearish pressure in the past two years.
Bitcoin Spot CVD Persists In The Negative — What Does This Mean?
In a recent post on the X platform, blockchain data company Glassnode revealed that the Bitcoin spot market has been experiencing a net-sell side bias over the past two years. This on-chain observation is based on the Spot Cumulative Volume Delta (CVD) indicator, which measures the net difference between buying and selling trade volumes.
The Spot CVD metric is used by investors to assess
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