Bitcoin's Price Volatility Amid ETF Speculation: Analysis of Binance and OKX Data

Bitcoin has experienced a 12% drop in price following the debut of spot exchange-traded funds (ETF) in the U.S., with selling pressure concentrated on Binance, OKX, and Upbit according to data from Kaiko. The sell-off appears to be driven by traders taking profits on long positions initiated in anticipation of the ETFs' launch. Binance's spot market saw a significant capital outflow, while Coinbase and Bitstamp experienced net capital inflows amid the price weakness. Analysts suggest that prices could slide further before the pullback runs out of steam, as the initial performance of the ETFs has been weaker than projected.