Glassnode’s Bitcoin Spot Cumulative Volume Delta (CVD) registered its highest reading of 2024 on March 11, hitting nearly $900 million. This surge in the CVD, which measures the net difference between aggressive buying and selling pressure across major crypto exchanges, signals a strong bullish sentiment in the Bitcoin market.
Looking at the hourly data, a surge of over $360 million occurred around 7 am UTC as Bitcoin rose from $68,500 to $71,200 in the span of 3 hours. The remaining purchases occurred mostly before 8 pm UTC, with around $70 million in selling pressure occurring around 10 am, then again later at 3 am on March 12.
Bitcoin Spot Cumulative Volume Delta Hourly (CVD) (Source: Glassnode)
[Editorial Note: it is important to note that the CVD data may not consider all Bitcoin activity due to high OTC trading levels off-exchange. The correlation of $360 million leading to a $3,000 increase in Bitcoin price is only a part of the story. Creating ratios from this figure alone ma
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