Binance Research says an unnamed US-dollar exchange saw about 2.75 times Binance's net selling during the bitcoin slide, as CEO Richard Teng calls the drop a normal response

Binance Research has put numbers on where the selling in bitcoin's slide came from. In a comparison of market orders from November 11 to 14, reported by crypto.news and The Currency Analytics, an unnamed major spot exchange that trades against the U.S. dollar recorded 7,438 BTC of net aggressive selling. Binance recorded 2,707 BTC. The difference is 4,731 BTC, or about 2.75 times Binance's figure, which Binance Research called unusual because Binance normally handles larger volumes, per crypto.news.

The data compares aggressive sell and buy orders. It does not identify the traders or show whether institutions were behind them. Binance Research is Binance's own research arm.

Binance Research said bitcoin lost 15.6% over 11 days, its steepest comparable fall since June. Teng posted on X on Sunday that the drop was a standard reaction to tighter financial conditions and changing sentiment about AI financing, according to crypto.news, which also reported him saying the long-term case for crypto remains intact. Binance Research described the seven-session run of U.S. spot bitcoin ETF outflows as one of the worst since those products launched, and flagged Nvidia's November 17 earnings for comments on financing commitments.