Futures-spot trading situation of each exchange within 12 hours (10-14);

1. Coinbase’s spot chips that participated in the pull-up were basically sold out within 5 hours after the price reached 66,000;

2. Binance spot USDT trading pair was the main spot driver of the price increase, with high participation in the two rapid pull-ups, but there was a small sell-off after the price reached 66,000;

3. CME-BTC futures contracts have not seen any major moves, but there have been three large sell or liquidation moves in the past 12 hours;

4. Binance futures were very aggressive, with large amounts of buying almost throughout the 12-hour period;

5. The buying and selling volume of OKX spot is equal within 12 hours, but the futures contracts are bought and long in large quantities;

6. Bybit is buying a lot of both spot and futures;

in conclusion:

First, American traders did not participate as much as Asian traders in this round of rally;

Second, the overall market participation rate of futures is extremely high, while spot is slightly weaker, and is basically concentrated in the Asian time period and exchanges with a large number of Asian traders;

3. The participation of US dollar funds is low and is dragging down our bull market. CB took the opportunity to sell a wave of goods, and CME actually shorted a large amount three times...

Regarding CVD, a 1h time anchor and 1s level accuracy are used, so the total amount of data that can be displayed is limited, and only the CVD of the last two days can be seen.