Taker buy minus taker sell volume, accumulated over time, for BTC spot and perpetual futures separately. Reconstructed directly from Binance's kline data (the taker_buy_volume field on every candle), not from Binance's own 30-day-limited aggregate ratio — history goes back to 2017 for spot and 2020 for perpetuals.

A rising CVD while price stays flat or falls is a classic absorption signal: aggressive buyers are being met by hidden supply. The CVD Ratio Divergence line (perp taker-buy ratio minus spot taker-buy ratio) shows when a move is being driven by leverage rather than real spot demand — a common precursor to a squeeze.