Golden Finance reports that Bitcoin spot cumulative transaction volume delta (CVD) data shows that the trading behavior of various exchanges is significant. In early 2024, buying pressure was evident, correlating with Bitcoin’s all-time high in March. This surge may be attributed to increased investor confidence following the launch of a spot Bitcoin ETF in January, as well as growing institutional interest, which has been a major driver of recent market trends. Post-halving, CVD showed volatile trading volumes and occasional surges in buying activity, but the market also experienced significant selling pressure, especially in May and June. This selling pressure coincided with regulatory developments in major markets, affecting investor sentiment and causing a temporary pullback in prices. Historically, long-term CVD charts have shown periods of active buying and selling activity consistent with the Bitcoin price cycle. Heavy buying in late 2020 and early 2021, followed by a sell-off period in 2022, highlights the cyclical nature of market behavior. Current trends suggest that while Bitcoin faces short-term volatility, underlying buying pressure could support its long-term bullish outlook.