Bitcoin's biggest weakness right now might not be selling pressure. It's the difference between visible liquidity and committed buying demand.
Honestly, after reading Glassnode's November 11 report, Running on Empty, I think the market is underestimating this distinction.
Three numbers deserve attention:
$14.2 billion: Stablecoin supply contracted over 30 days, the fastest decline since June 2022.
$1.6 billion: US spot Bitcoin ETFs recorded net outflows over 20 trading sessions.
$75,600: Bitcoin's Short-term holder cost basis, which price has fallen below.
But the most interesting signal isn't the decline. It's the contradiction between buyers and liquidity.
Glassnode found that wallets holding 100–1,000 BTC and 1,000–10,000 BTC have started accumulating. However, every other wallet-size cohort was still reducing holdings.
This tells me something important: whale accumulation doesn't mean the wider market is ready to recover.
Another detail traders shouldn't overlook: Buy orders within 5% of Bitcoin's price have outweighed sell orders on Binance and Coinbase since November 5. That looks constructive, but resting orders can be cancelled. Visible order-book depth isn't committed capital.
Meanwhile, liquidations of leveraged long positions have reduced nearby forced-selling pressure. That can help Bitcoin recover, but a short squeeze isn't sustainable spot demand.
I don't see enough evidence to call this the end of the bull market. Glassnode also notes that the broader August trend remains intact above the June low of $58,500.
For me, real confirmation would mean expanding stablecoin supply, renewed ETF inflows, positive Coinbase Premium and broader wallet accumulation.
One metric cannot tell the whole story.
My biggest takeaway: Bitcoin doesn't just need buyers. It needs buyers with enough capital and conviction to absorb supply without depending on leverage.
Are we watching a healthy liquidity reset, or is the market entering a longer period of capital withdrawal? 📊
#Bitcoin #BTC #CryptoMarket #MarketLiquidity
$BTC $SOL $ETH
Honestly, after reading Glassnode's November 11 report, Running on Empty, I think the market is underestimating this distinction.
Three numbers deserve attention:
$14.2 billion: Stablecoin supply contracted over 30 days, the fastest decline since June 2022.
$1.6 billion: US spot Bitcoin ETFs recorded net outflows over 20 trading sessions.
$75,600: Bitcoin's Short-term holder cost basis, which price has fallen below.
But the most interesting signal isn't the decline. It's the contradiction between buyers and liquidity.
Glassnode found that wallets holding 100–1,000 BTC and 1,000–10,000 BTC have started accumulating. However, every other wallet-size cohort was still reducing holdings.
This tells me something important: whale accumulation doesn't mean the wider market is ready to recover.
Another detail traders shouldn't overlook: Buy orders within 5% of Bitcoin's price have outweighed sell orders on Binance and Coinbase since November 5. That looks constructive, but resting orders can be cancelled. Visible order-book depth isn't committed capital.
Meanwhile, liquidations of leveraged long positions have reduced nearby forced-selling pressure. That can help Bitcoin recover, but a short squeeze isn't sustainable spot demand.
I don't see enough evidence to call this the end of the bull market. Glassnode also notes that the broader August trend remains intact above the June low of $58,500.
For me, real confirmation would mean expanding stablecoin supply, renewed ETF inflows, positive Coinbase Premium and broader wallet accumulation.
One metric cannot tell the whole story.
My biggest takeaway: Bitcoin doesn't just need buyers. It needs buyers with enough capital and conviction to absorb supply without depending on leverage.
Are we watching a healthy liquidity reset, or is the market entering a longer period of capital withdrawal? 📊
#Bitcoin #BTC #CryptoMarket #MarketLiquidity
$BTC $SOL $ETH