Spot Cumulative Volume Delta (CVD) is starting to recover after a prolonged period of sell-side dominance. Earlier in the cycle, persistently negative CVD indicated that aggressive sellers were repeatedly bidding.
During that phase, Bitcoin’s price gradually weakened, eventually sliding from above $110,000 to $65,000.
However, recently the CVD lines on Coinbase, Binance and aggregated exchanges have gone up. This shift suggests that buyers are once again withdrawing offers and absorbing available liquidity.
The recovery also occurred in multiple locations, strengthening its credibility. As CVD improved, the market showed the first signs of demand returning.
Historically, a sustained positive CVD often precedes a broader price increase. For now, the recovery remains tentative, but the synchronized buyer activity marks one of the clearest stabilization signals in recent weeks.
Bitcoin leaves exchanges
Bitcoin order flow is starting to shift as institutional demand quietly returns. Recently the Coinbase Premium Index returned above zero to around 0.02 after almost ten weeks in negative territory.
Previously, the index plummeted nearly -0.20 during the February sell-off as Bitcoin fell from above $100,000 to the $65,000-$70,000 range. As the premium turned positive, US spot buyers on Coinbase appeared to reabsorb the selling pressure.
At the same time, Currency outflow remained high. Recent daily withdrawals have hovered around 11,300 BTC, while previous highs briefly exceeded 70,000-90,000 BTC.
Such withdrawals indicate that holders are moving coins on their own rather than selling them.
As demand in the US spot market increases while exchange supply decreases, the market structure increasingly reflects accumulation behavior.
This alignment suggests that larger participants can quietly rebuild their exposure while available liquidity gradually tightens.
Bitcoin stability indicates silent accumulation
Bitcoin is holding steady near $73,500 as order flow gradually shifts to buyers. Previously, the price briefly tested a low near $71,220 before stabilizing. Since then, the market has consolidated between $69,000 and $73,000 without sharp volatility.
This stability suggests that buyers are quietly absorbing supply rather than chasing quick rallies. Whale activity adds even more nuance.
The Changing whale ratio rose to 0.74 and increased by 1.03% within 24 hours. Such levels indicate that larger participants are actively positioning themselves during consolidation.
At the same time, derivatives activity remains high. Futures volume, meanwhile, reached approximately 217,000 BTC Financing rates remained modest at around 0.0017%.
This equilibrium means that leverage pressure is limited, allowing gradual accumulation to develop under stable price action.
Final summary
- Bitcoin order flow shifts as Spot CVD turns positive and currency outflows rise, signaling that buyers are absorbing more and more supply.
- The zone between $70,000 and $73,000, along with increasing whale activity, indicates an early accumulation that could precede a broader trend expansion.