Bitcoin spot trading volume data shows huge buying pressure before halving

The cumulative volume delta (CVD) data for Bitcoin spot trading shows significant trading behavior across various exchanges. At the beginning of 2024, there was a noticeable buying pressure, which correlates with the historical high point of Bitcoin in March. This surge could be attributed to increased investor confidence following the launch of a spot Bitcoin ETF in January and growing institutional interest, which are major drivers of recent market trends. After halving, CVD indicates fluctuating trade volumes with occasional spikes in buying activity; however, the market also experienced substantial selling pressure, particularly in May and June. This selling pressure coincides with regulatory developments in major markets that affected investor sentiment and led to temporary price corrections. Historically speaking, long-term CVD charts show periods of active buying and selling activities consistent with Bitcoin's price cycles. The large purchase volumes at the end of 2020 and early 2021 followed by sell-offs during 2022 highlight cyclical market behaviors. Current trends suggest that while Bitcoin may face short-term volatility, underlying buying pressures could support its long-term bullish outlook.