Crypto's selloff looks coordinated across exchanges

The same negative spot flow hit Coinbase, Binance, Bitfinex, Kraken, and Bybit, which points to coordinated selling rather than a simple liquidation cascade

Yesterday's drop didn't come from cascading liquidations. It came from coordinated spot selling across all exchanges at the same time. Coinbase, Binance, Bitfinex, Kraken, Bybit. Negative CVD across all of them, with spikes concentrated