TechFlow reported on November 11, 2026, that CryptoQuant-certified analyst Axel Adler Jr. had published an assessment of US Bitcoin ETF flows and US spot demand. In that analysis, US Bitcoin ETFs recorded cumulative outflows of $969 million over the latest five trading days. The five-day fund-flow indicator fell by $766 million over the past week, and only 15% of days in the past year were at that level or lower.
Flow readings in the report
The one-year comparison in the summary refers to the five-day fund-flow indicator. The $969 million figure is the cumulative outflow over five trading days; the $766 million figure is the decline in that five-day indicator over the past week. The report does not list individual ETF products, daily amounts, or an absolute level for the indicator beyond stating that only 15% of days in the past year were at that level or lower.
Coinbase premium
Adler’s analysis also put the Coinbase premium at -0.14% and said it had been negative for 70 consecutive days. The report treats that reading, together with the ETF flows, as a sign of weak US spot demand.
Adler’s condition for changing the view
Adler’s stated judgment is that weak fund flows and weak US spot demand together support the view that Bitcoin continues to adjust. He added that if both turn positive, his view would change. That outlook and that condition belong to Adler as relayed by TechFlow; they are not a conclusion of this desk. The source does not give a price target, a probability, or a calendar horizon, and it does not claim the outflows or the negative premium must continue.
The figures and Adler’s condition are those in the TechFlow report dated November 11, 2026, at 16:07 (UTC+8). This article restates that report and does not present the flows or the premium as a later update.
