[Analysis] "Bitcoin CVD turns 'neutral'…Investor confidence weakens at $111,000"
JOON HYOUNG LEE
Summary
- On-chain analytics firm Glassnode said Bitcoin investors' confidence has weakened around $111,000.
- It said the spot cumulative volume delta (CVD) on major exchanges has reverted to neutral.
- It said that CVD's shift to neutral contrasts with the strong buying seen in April and suggests a weakening of investor confidence.
An analysis found that Bitcoin (BTC) investors' confidence in the $111,000 range has weakened.
On-chain analytics firm Glassnode said on the 28th (local time) via its official X account, "the spot cumulative volume delta (CVD) on major exchanges has reverted to neutral," adding that "this contrasts with the strong buying dominance seen in April." Glassnode said, "This suggests that spot investors' confidence is weakening around $111,000."
CVD is a key indicator showing the difference between buy and sell volumes on cryptocurrency exchanges. Generally, when CVD shows a downward trend it is viewed as strong selling pressure.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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