BlockBeats reported on November 11, 2026, that CryptoQuant analyst Darkfost said Bitcoin had been in a continuous distribution phase since October, with the price down about 15%. After short-term holders (STHs) went through a round of profit-taking, loss-making transactions had become dominant.
Exchange transfers in the prior 24 hours
Darkfost said that in the 24 hours covered by the note, short-term holders transferred 48,500 BTC to exchanges. Of that amount, 47,300 BTC was transferred while the coins were at a loss. He called it one of the larger short-term-holder capitulation-style selling episodes in recent months.
What the note supports
The distribution phase, the roughly 15% pullback, and the shift from profit-taking to loss-led activity are Darkfost’s description of the period from October through the November 11 report. The 48,500 and 47,300 BTC figures refer to transfers onto exchanges in that 24-hour window, which he characterized as capitulation-style selling. The post does not give an exact start date in October, a price level, or any forecast of what follows. It also does not say how much of the transferred Bitcoin was then sold. Those limits belong to the source; the capitulation reading is the analyst’s, not a conclusion of this desk.
Original report: BlockBeats, November 11, 2026, 18:12 CST
