Bitcoin’s latest move has traders debating whether they’re watching normal volatility or something far more coordinated.
And the data behind Wednesday’s price action gave analysts plenty to talk about.
According to market commentator @NoLimit, Bitcoin’s CVD readings showed a rare split between two of the biggest exchanges. Binance’s CVD spiked sharply upward, while Coinbase’s dropped hard at the same time.
“That massive spike… didn’t come from retail suddenly deciding to buy millions of dollars in BTC,” he said. Meanwhile, Coinbase’s CVD “went straight down.”
He argues that this isn’t typical spot flow. Instead, he calls it “coordinated positioning, hedging, arbitrage… or someone trying to move price on purpose.” Bitcoin reacted in real time with a quick dump, and is now trading at $89,787.
This isn’t the first odd behavior he’s highlighted. For weeks, Bitcoin has been selling off almost immediately when U.S. markets open. Gains built overnight often vanish within minutes. “Sixteen hours of slow, steady gains disappeared in about 20 minutes,” he said, noting the repeated 10 a.m. EST drops.
He points to high-frequency trading giant Jane Street, saying the timing lines up with their style – fast hits into liquidity, quick exits, and repeated cycles. He also notes Jane Street’s large position in BlackRock’s IBIT ETF.
He also called the recent burst to $94K “pure manipulation,” pointing to thin order books, clustered large buys, and no follow-through. Funding rates and open interest rose at the same time – another sign, he says, that the move was engineered to create FOMO before selling into strength.
His warning is that when major exchanges show opposite flows, “the next big move is being set up before the public catches on.” Whether that move breaks higher or lower, traders are watching the order books closely.
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