Analysis: Bitcoin's Post-Drop Rebound Lacks Spot Demand as Whale Exchange Inflows Rise and Leverage Risk Persists

November 10: XWIN Japan noted that Bitcoin fell from above $75,600 to around $73,400 on November 9 and then rebounded to around $75,500, but slipped back to around $74,600 by the morning of November 10. Heavy long liquidations amplified the decline, and the rebound lacked sustained spot demand. Bitcoin remained weak even as U.S. stocks rose on falling oil prices; spot ETFs saw $411.9 million in net outflows on November 6 and $1.28 billion for the full week, highlighting fragile institutional demand.

CryptoQuant data shows that the exchange whale ratio has repeatedly risen above 0.4 since late October, indicating greater concentration of large deposits, though this does not prove that whales have sold. The estimated leverage ratio rose from about 0.22 to 0.24 in mid-October to about 0.265 in early November, then fell back to 0.249, still above mid-October levels. Analysts argue that the key question is not whether BTC has bottomed, but whether genuine spot buyers can absorb potential exchange supply without relying on a leveraged rebound, and suggest watching spot CVD, the Coinbase premium, ETF flows and changes in leverage.