BTC Order Book Reveals Mixed Sentiment Between Retail and Institutional Traders

The order book for BTC/USDT on September 2 at 3:00 p.m. UTC displayed an interesting configuration of buy and sell pressure, as captured by the cumulative volume delta (CVD) indicator and volume heatmap.

These tools help traders gauge real-time market sentiment by visualizing trading activity across various price ranges and distinguishing between retail and institutional orders.

The CVD lines for small and large order sizes were exhibiting divergent trends, indicating mixed sentiment among retail and institutional participants. The yellow line, tracking smaller orders, showed a gradual uptick, suggesting consistent accumulation by retail traders.

Meanwhile, the brown line, representing large orders, appeared to flatten or slightly decline, hinting at a cautious stance among larger market players. A dense cluster of trading activity just below the current price could serve as a support level in the near term.