Analyst: Bitcoin ETF Outflows Coupled With Weak Spot Demand Weigh on Market

Nov. 11 — CryptoQuant analyst Axel Adler Jr. said that U.S. Bitcoin ETFs saw cumulative outflows of $969 million over five trading days, with the metric down $766 million within a week; only 15% of trading days in the past year have been at or below this level. Meanwhile, the Coinbase premium stands at -0.14% and has been negative for 70 consecutive days, one of the lowest readings in the past year, indicating weak U.S. spot demand. The analysis says the two indicators together support the view that the market will continue to correct, and that this view would change only if both fund flows and spot demand turn positive. The article notes that a similar combination last appeared on July 2, 2026, when Bitcoin was priced at $61,560 and rose 2.1% a month later.