TokenGazer data analysis, from 5:30 on the 5th to 30th of Beijing time, at 0:05 on the 31st, the bitcoin price showed a rapid rise in the market. At 0:05-0:30 in the morning, the bitcoin price quickly fell back. The reasons are as follows: 1. In the market, Bitstamp sold 1748 sell orders for 1037, with a volume of 1335 and an average transaction price of 8924. Bitfinex sold the sell price of 5,277 sell orders of 3,433, the volume of 2,196, the average transaction price of 8955. Coinbase sold 1355 pens for sale of 1355, with a volume of 2381 and an average transaction price of 8919. Historical data shows that Coinbase's daily trading volume is usually about 1.5 times that of BitFinex. 2. In the market, Bitfinex has a volume of more than 50, which is 143, 96, 75, 50 BTC. There are also 4 volumes of Coinbase greater than 50, which are 102, 58, 56, 54 respectively. 3. In the TokenGazer deep analysis report, the BUY effect during the rising period in the Bitfinex exchange is more obvious. Refer to the TokenGazer official website for details. 4. In the down market, Bitstamp sold 1 698 sell orders with 1698 lots, with a volume of 1904 and an average transaction price of 8779. Bitfinex sold 3,928 sell orders for 6749, with a volume of 2614 and an average transaction price of 8792. Coinbase sold 4,432 sell orders 4,724, the volume of 3,600, the average transaction price of 8778. Bitfinex sells far more than Coinbase.