On November 11, 2026, PANews reported that CryptoQuant analyst Axel Adler Jr. said US Bitcoin ETFs had recorded cumulative outflows of $969 million over five trading days. The same flow indicator fell by $766 million over one week, a reading at or below which only 15% of trading days in the prior year had fallen.
US spot demand
Over the same period, the Coinbase premium was −0.14% and had been negative for 70 consecutive days, one of the lowest readings of the past year. Adler treated that stretch as evidence of weak demand in the US spot market.
What would change the view
Adler said the two indicators together support a judgment that the market continues to adjust. He added that this view would change only if both capital flows and spot demand turn positive. That condition is the analyst’s, not an independent conclusion.
Earlier similar readings
The report noted that a similar combination last appeared on July 2, 2026, when Bitcoin was priced at $61,560. One month later, the price was 2.1% higher. The figure is historical context from the source; it is not a forecast.
PANews original report, November 11, 2026.
