Bitcoin’s rebound after a decline lacked sustained spot demand, according to XWIN Japan’s analysis reported by TechFlow on November 10, 2026. The analysis said the recovery’s durability depended on whether spot buying could absorb potential supply from exchanges.
Large exchange deposits do not establish selling
CryptoQuant data cited in the report showed that the ten largest deposits repeatedly accounted for more than 0.4, or 40%, of BTC exchange inflows from late October onward. This indicated greater concentration in large deposits, but did not establish that whales had already sold.
Leverage eased but remained above mid-October levels
The estimated leverage ratio rose from approximately 0.22–0.24 in mid-October to about 0.265 in early November, before falling to 0.249. Despite that decline, it remained above its mid-October level.
XWIN Japan recommended monitoring spot cumulative volume delta, the Coinbase premium, ETF flows and changes in leverage before judging whether the rebound could persist. Its assessment was conditional on those indicators, rather than a definitive forecast of a sustained recovery.
Source: TechFlow original report, published November 10, 2026, at 08:28:54 (UTC+8).