Yesterday, someone in the comments asked: “The Exchange Buying Power Indicator” is showing a recovery signal from 0 to 1. Which exchanges are contributing the most to this signal? From what I’ve seen, Binance is currently leading the pack. Looking at the BTC spot volume delta (VDB)—which measures the net difference between aggressive buy and sell volume—Binance (yellow line) and other exchanges (gray line) have both bounced off the bottom and are now above the 90-day median (red line), signaling a comeback in aggressive buying interest. (Chart 1) But Coinbase’s VDB (blue line) is still sitting below the 90-day median. It did climb above the red line during 11/22–12/9, but the deviation wasn’t significant, meaning even though buyers had the upper hand, the momentum wasn’t strong. If you compare the other two red shaded areas, you’ll notice the difference: In August–September 2024 and March–April 2025, the blue line (Coinbase) or all three lines (blue, yellow, gray) were above the red line at the same time. Clearly, during those BTC price drops, buying power from Coinbase investors played a leading role. So, taking this recovery signal from the “Exchange Buying Power Indicator” into account, my personal view is that the probability of a full trend reversal isn’t high. It’s more reasonable to see this as a potential rebound setup rather than the start of a new bull run. Of course, if we start seeing aggressive buyers from Coinbase joining in later, that’s a different story. ---------------------------------------------- Bitget VIP: Lower fees, bigger perks.