According to Anchorage Digital, Bitcoin selling pressure from the U.S. remained most pronounced on Coinbase during Nov 9-14 UTC. The research shows Coinbase's cumulative volume delta (CVD) for major BTC spot trading pairs fell to approximately -8,900 BTC, indicating net sell volume exceeded net buy volume by that amount—the largest differential among four major exchanges. Binance and Bybit recorded CVD of approximately -3,100 BTC and -700 BTC respectively, while OKX showed positive CVD of around +1,400 BTC.

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