According to TokenGazer data, the BTC price dropped from $8,500 to $7,900 in the morning. The market has more interpretations of this, and the higher voice is from the Coinbase. Based on rigorous data analysis, TokenGazer got some interesting data: During the fall of BTC (UTC 3nd, 22:00-2 pm), the number of sell orders on the Bitfinex exchange (20624) far exceeds the number of buy orders (15465), Coinbase The number of sell orders (20,698) is less than the number of buy orders (23,896); Bitfinex's trading volume (13,443.42 BTC) is approaching Coinbase (14235.12BTC), and according to TokenGazer's previous observations, Coinbase's trading volume is about 1.5 times that of Bitfinex; at this point in time Bitfinex The maximum selling is 393.246BTC and the Coinbase is 41.6454BTC. Bitfinex's selling amount is large and dense. The detailed chart analysis can be found in TokenGazer's official website. Based on the above data support, TokenGazer believes that the BTC decline, the big probability is caused by Bitfinex. Non-Coinbase.