Spot CVD chart at 12:00 a.m. UTC on July 25

Spot CVD is an order-book analysis chart for the BTC/USDT spot trading pair. The upper panel shows the Volume Heatmap, while the lower panel shows cumulative volume delta, or CVD. - The Volume Heatmap tracks trading volume at each price level. The background color becomes brighter when the price stays in a specific range for an extended period or moves sharply. Brighter areas may act as support or resistance. - The cumulative volume delta, or CVD, indicates buy and sell orders by order size. As buy orders increase, the line for the corresponding color rises. The yellow line represents $100 to $1,000 orders, while the brown line represents large orders ranging from $1 million to $10 million.