Kaiko: BTC has been under selling pressure since the spot ETF was launched

According to data tracked by Kaiko, BTC has been facing selling pressure since the spot ETF began trading in the United States last Thursday. The selling pressure is mainly concentrated on Binance, OKEx, and Upbit.

As of the time of publication, the price of Bitcoin is $42,700, a 12% drop from the high of $48,975 touched last Thursday. The price drop seems to be due to traders taking profits on long (buy) positions in anticipation of the ETF's debut.

Data tracked by Kaiko shows that Binance's spot market CVD turned positive last Thursday and has been declining ever since, equivalent to capital outflows of nearly 5,000 BTC. South Korea's Upbit ranked second in net capital outflows, followed by Itbit and OKEx.