Bitcoin fell approximately 24% between November 4 and November 14, declining from $81,188 to $61,956 before recovering to around $65,400 on Sunday, according to CoinGlass data.
While some traders blamed Binance for the downturn, cumulative volume delta (CVD) analysis—which measures the difference between market buy and sell order volumes—points instead to Coinbase as the primary source of selling pressure. Coinbase recorded a negative CVD of -$1.08 billion between October 31 and November 15, indicating sellers were significantly more active on the platform. By contrast, OKX, Bybit, and Binance posted positive CVDs of $240.3 million, $65.17 million, and $51.88 million respectively, showing buyer dominance on those exchanges.
The selling on Coinbase coincides with the Anthropic IPO, scheduled for listing on Nasdaq on November 19. Coinbase serves as the custodian for most U.S. spot Bitcoin ETFs, including BlackRock's iShares Bitcoin Trust, and hosts many U.S. institutional investors through Coinbase Prime. Fundstrat managing partner Tom Lee characterized the recent Bitcoin drawdown as a temporary rotation of capital into major IPOs.
Speculation about Binance's role in the price decline emerged after the exchange suffered a $6.4 billion loss in a hack on October 29. Some users on social media claimed Binance was selling cryptocurrency to cover losses, though the exchange published a Proof of Reserves report two weeks after the attack confirming that client balances remained fully backed. Binance's spot market CVD remained positive throughout the period, despite the platform handling a significant portion of futures liquidations. On November 13 alone, crypto exchanges liquidated 187,389 traders for $1.65 billion, with 88% stemming from long positions.
