Analyst says Bitcoin selling pressure is centered on Binance and OKX, while Coinbase and futures traders keep buying

Bitcoin’s latest price weakness is being driven mainly by net selling on the spot markets of Binance and OKX, according to an analyst cited by BlockBeats on Aug. 11. The analyst said net outflows from sellers on those two exchanges are still expanding, making them a key source of downside pressure in the current market. At the same time, the picture looks different on Coinbase. Its spot market has remained in net buying territory, a sign that some institutional capital is still stepping in during the pullback. The update points to a split across trading venues, with selling concentrated on Binance and OKX while buying interest persists elsewhere. The analyst also said buying in Bitcoin futures has been strengthening quickly. Data showed that during the price retracement, some large investors, or whales, in the futures market continued to accumulate positions. That suggests part of the market is using the decline to build long exposure rather than exit.