XWIN Research: BTC Rebound Hinges on Spot Demand and Leverage Changes

TechFlow reported on November 10 that, according to XWIN Japan's analysis, the rebound after Bitcoin's decline lacks sustained spot demand, and whether the recovery can be maintained depends on whether spot buying can absorb potential exchange supply.

CryptoQuant data shows that the share of the top 10 deposits in exchange BTC inflows has repeatedly exceeded 0.4 since late October, indicating rising concentration of large deposits, but this alone cannot prove that whales have sold. Estimated leverage ratio rose from around 0.22 to 0.24 in mid-October to about 0.265 in early November, then pulled back to 0.249, still above mid-October levels.

XWIN Japan recommends monitoring cumulative spot volume delta, Coinbase premium, ETF flows, and leverage changes before assessing whether the rebound can sustain.

Source: TechFlow