On November 11, 2026, BlockBeats reported that Charles Edwards, founder of Capriole Fund, said Bitcoin treasury companies are “capitulating.” As of that report, the ratio of these companies’ cumulative buying volume relative to selling volume had just fallen below 90%.
How the report frames the ratio
The report notes that a declining ratio generally represents relatively increased selling pressure and a more bearish tilt. It also notes that extreme lows have historically corresponded to bottom areas.
What Edwards attributes to the history
Edwards said this situation has occurred only three times historically, and that each time it was a good buying opportunity. He therefore argues that, although the companies are selling in the short term—the capitulation he describes—the pattern has historically been a positive signal for Bitcoin.
That reading is Edwards’s assessment. The report does not identify the dates of the three earlier episodes, quantify later market moves, or detail the data and method behind the ratio.
Original report: BlockBeats, November 11, 2026, 13:43 UTC+8
