Bitcoin trading picked up, but sellers took the initiative

요약:Bitcoin faces a key inflation test near $75,000 as Glassnode data shows sellers dominating spot trading and ETF outflows deepening.

Bitcoin's latest weekly trading data showed sellers retaining the initiative even as turnover rose, leaving its recovery near $75,000 without a clear sign that aggressive buyers were taking control.

Related Asset Bitcoin #1 BTC · $73,238.36 24-hour change: down 2.89% 24H Down 2.89% 7D Down 5.71% 30D Down 12.47%

The Nov. 9 report from blockchain analytics firm Glassnode sets a cautious starting point ahead of today's US inflation release.

Reuters reported closing gains of about 2.4% for the S&P 500 and 2.7% for the Nasdaq Composite on Nov. 9, with cheaper oil helping relieve inflation worries. Bitcoin was trading near $75,000 on Nov. 9, according to Glassnode.

More trading, but sellers retain the initiative

Glassnode's latest Market Pulse put spot cumulative volume delta (CVD) at negative $92 million, compared with positive $7 million seven days earlier. Its spot volume indicator rose 13.3% to $6.4 billion from $5.6 billion.

Related Company Glassnode On-chain analytics platform

CVD tracks the balance between aggressive buying and selling within the activity Glassnode measures. Negative CVD means aggressive selling outweighed aggressive buying in that measured activity.

The report's weekly indicators describe the demand conditions Bitcoin brought into the equity rally.

More turnover. Sellers took the initiative.

Glassnode's November 9 weekly snapshot shows spot activity rising while aggressive order flow turned negative, compared with seven days earlier.

Higher turnover, seller-led order flowGlassnode spot volume increased from 5.6 to 6.4 billion dollars, while spot CVD moved from positive 6.6 to negative 91.8 million dollars. Separate scales.01 / ACTIVITY ROSEMore trading took placeSpot volume indicator · USD billionsSeven days earlier$5.6BLatest report$6.4B+13.3%reported

  • 07
  • 02 / INITIATIVE SHIFTED TO SELLERSThe extra activity did not mean buying took controlSpot CVD · USD millions · below zero means net aggressive sellingSeven days earlier+$6.6MLatest report−$91.8M
  • −100−500+20

More trading, with seller aggressionSeparate charts compare spot turnover and aggressive order-flow balance in Glassnode's latest weekly report against seven days earlier.01 / ACTIVITY ROSEMore trading took placeSpot volume indicator · USD billionsSeven days earlier$5.6BLatest report$6.4B+13.3%reported

  • 07
  • 02 / SELLERS TOOK THE INITIATIVEMore activity.Flow turned negative.Spot CVD · USD millionsSeven days earlier+$6.6MLatest report−$91.8M
  • −100−500+20

Higher trading volume can accompany seller aggression. It does not by itself confirm renewed buying pressure.

Weekly report comparison, not Monday US-session data. Spot volume is an indicator, not a stated calendar-week total. Negative CVD concerns aggressive order flow within measured activity; every trade has a buyer. Separate scales do not compare dollar magnitudes across metrics.

Sources and evidence

Sources

  • Glassnode Market Pulse, November 9
  • Supporting facts

    • Glassnode reported spot cumulative volume delta of negative $91.8 million, compared with positive $6.6 million seven days earlier. [1]
    • Glassnode reported its spot volume indicator rose 13.3% to $6.4 billion, compared with $5.6 billion seven days earlier. [1]
    • A negative spot CVD indicates that aggressive selling exceeded aggressive buying in the measured activity; it does not establish an absence of buyers. [1]

    Method

    Two separate linear bar scales use reported indicator values: spot volume 5.6 and 6.4 USD billions, CVD +6.6 and -91.8 USD millions. CVD bars share a zero baseline. Percentage change is Glassnode's reported 13.3%, not recomputed from rounded bar values.

    Scope

    Weekly report comparison, not Monday US-session data. Spot volume is an indicator, not a stated calendar-week total. Negative CVD concerns aggressive order flow within measured activity; every trade has a buyer. Separate scales do not compare dollar magnitudes across metrics.

    Infographic by CryptoSlate

    Farside Investors' completed Nov. 2-6 sessions show four aggregate outflow days and one inflow day, totaling $1,282 million in net outflows. Another $201 million left the funds on Nov. 9.

    Related Company Farside Investors Investment management company

    Glassnode put futures open interest at $37 billion, down 1.1% from $37.4 billion seven days earlier, and described the unwind as partial. Funding payments remained elevated while short-term holders were near break-even.

    A price recovery would carry more weight if improving spot CVD showed buyers taking the initiative, while positive ETF flows persisted across completed sessions.

    In its Nov. 4 analysis, Glassnode placed the short-term holder cost basis at $75,700 and the True Market Mean at $77,700. The first estimates what newer holders paid, while the second estimates the cost basis of active investors.

    Below, Glassnode identified a broader $73,000-$76,000 retest band and said a sustained break below $73,000 would point to longer consolidation.

    CPI tests Bitcoin's backdrop

    The Bureau of Labor Statistics is scheduled to release October CPI today. A favorable inflation reading could ease rate expectations and support risk appetite. As the Federal Reserve explains, expected policy rates affect broader interest rates and financial conditions.

    Reuters reported Bitcoin's late-Sunday fall to $73,708 amid investor worries that a Democratic-controlled Congress would toughen crypto regulation. Those concerns offer a separate reason for caution alongside the trading data.

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