CryptoQuant Quicktake

[A Challenging Macro Environment]
The digital assets market is currently facing headwinds from elevated real rates, uncertain risk appetite, and lingering post-hack uncertainty. Despite Binance’s rapid recovery after the $6.3 billion breach and initial withdrawal surge, broader liquidity conditions remain challenging.
Meanwhile, Binance’s institutional flows stay selective, and geopolitical risks continue to weigh on sentiment. In this setting, Binance’s ability to absorb losses and stabilize holdings stands out as a relative bright spot.
[The Hack and Recovery]
On October 29th, Binance faced the largest exchange hack in crypto history when attackers drained $6.3B from the platform's hot wallets. Linked to North Korea’s TraderTraitor group, the breach triggered a sharp withdrawal surge after services resumed.
However, the exchange covered losses from its own reserves, restored major asset backing above 100%, and saw tracked holdings rebound within days. The incident tested operational strength and user trust, with Bitcoin reserves proving more resilient than initial fears suggested.
[Effect on Reserves]
Looking at CryptoQuant’s on-chain data, Binance’s ERC-20 stablecoin reserves declined 25.6% from early October’s 43 billion units to the current 32 billion. Meanwhile, the platform’s Bitcoin reserves only dropped 7.6% from 728K units to the current 673K.
What explains the heavier impact on stablecoin reserves?
First of all, stablecoin balances are mostly active traders’ working capital and margin, which can be pulled out in a single transaction. Bitcoin reserves include long-term holders who may not want to realize a loss after temporary volatility.
Additionally, exiting through stablecoins means no market exposure and no price slippage. Another reason is deleveraging: Traders reducing risk on a falling market pull margin collateral, which is mostly stablecoins.
Written by oinonen_t

BlackRock's IBIT recorded a $374 million negative Bitcoin reserve netflow on November 9, as mid-size investors continued sending BTC to Coinbase Prime, Binance and Coinbase Advanced while Bitcoin traded near $74,500.
Daily BTC Reserve Netflow in USD chart shows a $374 million net decrease in IBIT's tracked Bitcoin reserves.
Separately, the seven-day average of Bitcoin inflows from mid-size investors reached:
- Coinbase Prime: 6,300 BTC
- Binance: 4,240 BTC
- Coinbase Advanced: 3,927 BTC
Coinbase Prime received an average 2,060 BTC more than Binance, a 48.6% gap.
Binance's reading was 313 BTC higher than Coinbase Advanced's.
The figures point to two developments occurring alongside Bitcoin's price weakness: lower tracked ETF reserves and substantial deposits by a specific investor-size group across three major trading venues.
Exchange inflows may increase coins available for trading, potentially adding selling pressure, but they do not establish that selling occurred.
The IBIT figure is a one-day reserve change, while exchange figures are seven-day averages rather than November 9 deposits.
Written by Amr Taha

Now USDT sits at -3.93% over 30 days, the lowest in a year. USDC: -3.44%.
Traders are cashing stablecoins out of crypto. Until that cash comes back, Bitcoin bounces stay weak.
Written by IT Tech

Aggregate unrealized P&L for Bitcoin's Short-Term Holder Whale cohort declined to approximately -$900.5M on November 8, marking its third consecutive negative daily observation in the available series.
The metric reflects the cohort's aggregate unrealized gains and losses. A negative reading indicates a net unrealized loss for the cohort, not that every whale is underwater.
The metric previously registered -$2.98B on August 17 before recovering to +$8.42B on September 22. For historical context, unrealized losses were larger on June 6, reaching -$5.47B.
Key takeaway:
September's positive aggregate unrealized P&L did not persist. The latest negative reading reflects unrealized losses in the reported series, but does not establish realized losses, distribution, or capitulation.
Written by Zizcrypto

Exchange reserve data from Gate.com shows two flows moving against each other. Bitcoin is flowing into the exchange, while the stablecoin capital available to absorb it keeps shrinking.
Bitcoin: inflows resume as price weakens
Gate's BTC reserve has moved inversely to price throughout the period. In late August, roughly 2K BTC left the exchange (19.4K → ~17.2K) while BTC rallied from ~$64K to ~$78K. Reserves then held flat near 17K from September to mid-October, as price moved within the $76K–$87K range.
Since mid-October, the trend has reversed. Reserves climbed steadily to 17.9K BTC, a net inflow of about 900 BTC, while price fell from ~$82K to $74.4K. Steady deposits onto an exchange during a decline can signal growing intent to sell.
Ethereum: no comparable pressure
Gate's ETH reserve stands at 142K, down about 35% from its 2025 peak near 220K. Recent months show a flat to slightly declining trend, with no inflow wave like the one seen in BTC.
Stablecoins: dry powder near the period's lows
ERC20 stablecoin reserves on Gate have dropped from ~$245M in May to $17.7M, a decline of about 93%. Late October and early November saw several dips to near-zero levels, close to the lows recorded in August. Demand-side liquidity looks thin. Note that this data covers ERC20 stablecoins only; liquidity held on other networks, such as TRON, is not included.
Conclusion
Rising BTC inflows combined with shrinking stablecoin reserves create an imbalance on Gate: more supply appears to be positioned for sale, while less capital is waiting to buy it. Until stablecoin reserves recover or BTC reserves begin declining again, near-term pressure on BTC may continue. ETH appears relatively more stable on this exchange.
Written by BaykusCharts

CryptoQuant flagged unusual miner outflows of 726.53 BTC, worth about $54.1M, aggregated from multiple miners. The move came as Bitcoin fell to roughly $73.7K and bounced to about $74.3K.
On the hourly chart, miner outflows were close to zero for most of Nov 7. Larger spikes started appearing late on Nov 8 and into Nov 9, and the latest one is among the biggest on the chart. That pattern matters more than any single bar. It suggests miners are moving more coins as price drops.
An outflow isn't automatically a sale. Coins can go to exchanges, OTC desks, lenders, or internal wallets. The confirmation would be a rise in miner-to-exchange flows, which this chart doesn't show.
Why it matters: miners are natural sellers when margins tighten. Earlier this week, the Puell Multiple sat near 0.9, meaning revenue was slightly under its yearly average. A lower price squeezes that further.
Keep the scale in view. $54M is small next to last week's $1.12B in spot ETF outflows. By itself it won't move the market, but it shows how this group is behaving.
The risk is a streak of outflows while price keeps falling, adding supply to a market already clearing leverage. The supportive case is that outflows fade once price stabilizes, which would argue against miner capitulation.
Miners rarely panic early. When they move, it's usually a bill coming due.
Written by R3N

Binance’da XRP uchun kumulyativ hajm deltasi (CVD) hozir taxminan -4,33 million XRP miqdoridagi salbiy ko‘rsatkichni ko‘rsatmoqda, aktiv esa qariyb 1,10 dollardan savdo qilinmoqda. Bu hozirda bozordagi sotuv buyurtmalari xarid buyurtmalaridan ustun ekanini anglatadi.
Bu ko‘rsatkich savdo faolligida uzoq davom etayotgan pasayish kayfiyatini aks ettiradi: sotuvchilar bozor orqali sotish buyurtmalarini berib, bozor orqali xarid qilish buyurtmalarining hajmidan oshib ketmoqda. XRP nisbatan past narxlarda savdo qilinayotganini hisobga olsak, bu ayniqsa muhim: demak, platformadagi xarid talabi sotuv bosimini muvozanatlashda hamon qiynalmoqda.

XRP’ning Binance’dagi yetti kunlik depozit tranzaksiyalari ulushi 8-noyabr kuni 59,5% ga yetdi. Bu 2024-yil oktabridan beri qayd etilgan eng yuqori ko‘rsatkich bo‘lib, shu paytda token narxi $1,15 dan pastga tushib, taxminan $1,11 ni tashkil etdi.
Tegishli yechib olishlar ulushi 40,4% gacha pasaydi. Bu ham 2024-yildan beri qayd etilgan eng past ko‘rsatkichdir.
Bu o‘zgarish Binance’da markazlashgan birjalar bo‘yicha umumiy ko‘rsatkichga qaraganda keskinroq. Barcha markazlashgan birjalardagi depozitlar ulushi 27-oktabrdagi taxminan 45% dan 8-noyabrda 49% gacha ko‘tarildi, yechib olishlar ulushi esa 55% dan 50,9% gacha tushdi.
Binance’dagi depozitlar ulushi endi barcha birjalardagi ko‘rsatkichdan 10,5 foiz punktga yuqori.

The price line is green when buyers are stronger and red when sellers are stronger. It is based on who buys or sells at market price, and whose leveraged bets get wiped out.
The colors follow the price closely. January's crash: red. August's rally: green. Since late October, the line has turned red again.
Bottom chart: recent buyers' average cost
The dashed line shows the average price paid by people who bought Bitcoin 1–3 months ago. It is now about $79.3K.
Bitcoin closed at $74.8K on Nov 8, about 5.7% below that level. Most recent buyers are now at a loss.
Why it matters
When recent buyers are underwater, some may sell when price comes back to their cost, just to break even. That can make the $79K area harder to break.
In 2026, price stayed below this line for months at a time (Feb–Apr, Jun–Aug) before reclaiming it.
What to watch
- The top chart turning green again (buyers back in control)
- Price closing back above ~$79K (recent buyers back in profit)
Both together would be a much better sign than either one alone.
Written by 우민규 Woominkyu

Bitcoin perpetual long pozitsiyalari 8-noyabrgacha bo‘lgan davrda 7 kunlik o‘rtacha 0.0087 moliyalashtirish stavkasini to‘ladi. Bu CryptoQuant’ning barcha birjalar bo‘yicha moliyalashtirish stavkalari ko‘rsatkichida qayd etildi. Coinbase Premium Index esa hafta davomida har kuni manfiy bo‘lib, -0.09 dan -0.18 gacha o‘zgardi. Shu 30 kun ichida narx 9% ga tushdi.
Bu holat AQSh spot bozoridagi talab ularni qo‘llab-quvvatlamayotgan bo‘lsa-da, pozitsiyalar saqlanib qolayotgani va ular uchun haq to‘lanayotganini anglatadi. Takerlar ham buni tasdiqlaydi. Barcha birjalar bo‘yicha Taker Buy Sell Ratio haftalik o‘rtacha 0.98 ni tashkil etdi, demak, bozorda sotuvchilar faolroq bo‘lgan.
Biz buni besh ballik Gavjumlik ko‘rsatkichi orqali kuzatamiz. U endi CryptoQuant hamjamiyati uchun boshqaruv paneli shaklida e’lon qilinadi (havola). Quyidagilarning har biri uchun bir ball beriladi: CryptoQuant’ning ELR ko‘rsatkichi 0.25 dan yuqori bo‘lishi — bu bir yillik diapazonning yuqori chegarasi; 7 kunlik o‘rtacha moliyalashtirish stavkasi 0.008 dan yuqori bo‘lishi; narx o‘zgarmagan holda 30 kun ichida ochiq pozitsiyalar hajmi kamida 10% ga oshishi; 7 kunlik Taker Buy Sell Ratio 1 dan yuqori bo‘lishi; hamda moliyalashtirish stavkasi musbat bo‘lib turganida Coinbase Premium manfiy bo‘lishi.

Bu yana 2022-yilmi yoki 2020-yilmi? Bitcoin $124,710 lik yopilishdagi eng yuqori narxidan 39.25% pastda turibdi, shuning uchun ma’lumotlarni tahlil qildim.
2012-yildan beri har bir kunni ko‘rib chiqib, zanjir ustidagi ma’lumotlar bo‘yicha 6-noyabrga eng o‘xshash kunlarni izladim: narx eng yuqori darajasidan qanchalik pastda ekani, egalarning qancha foydasi borligi va yaqinda xarid qilganlar foyda yoki zarar bilan sotayotgani. Jami yettita CryptoQuant ko‘rsatkichi, jumladan MVRV va SOPR.
Bugun:
- MVRV nisbati: 1.405. O‘rtacha tanga xarid qilingan narxidan 40.5% qimmatroq
- Qisqa muddatli egalarning SOPR ko‘rsatkichi (30 kunlik o‘rtacha): 1.002. Yaqinda xarid qilganlar zararsiz narxda sotmoqda

The current range can be viewed as the first retest confirming an uptrend since the break of the downtrend, measured against the Short-Term Holder Realized Price, which has marked meaningful support/resistance zones across both bull and bear cycles.
A similar setup was also observed when the 2022 bear market bottom was completed, at the starting point of the 2023 bull market.
Written by crypto sunmoon

Bitcoin traded near $75,767 early November 9 after failing to hold $76,000. Bybit futures showed a bounce toward $76,200 on November 8 before retreating to $75,650. The rebound faded.
Selling pressure persists. Cumulative volume delta (CVD) reached -105,300 BTC since October 14, reflecting aggressive net selling over that period, not exchange withdrawals. US spot Bitcoin ETFs saw $411.9 million in outflows on November 6, including $403 million from IBIT. Weekly outflows totaled $1.28 billion. ETFs were closed over the weekend.
US October payrolls rose 165,000 and unemployment stood at 4.1%. Markets await November 10 CPI data. Some whale accumulation signals have emerged, but broad spot demand has not clearly recovered.
CryptoQuant's Bitcoin: Short Term Holder SOPR stands near 0.99, below the break-even threshold of 1. Recently moved coins held by short-term investors are, on average, moving at a loss. Meanwhile, MVRV at 1.40 suggests the broader market retains unrealized gains. Newer holders face greater pressure, although transfers are not necessarily sales.
Its second chart, All Stablecoins(ERC20): Exchange Reserve - All Exchanges, shows balances falling from roughly $75 billion in April to $49.7 billion in early November—down about 34%. This could mean thinner buying liquidity on exchanges, but does not prove capital left crypto: funds may move to DeFi, other chains or wallets. Reports of improving stablecoin inflows are encouraging, but renewed BTC buying remains unconfirmed.
My outlook is cautious. A lasting recovery requires SOPR above 1, stablecoin reserves to stabilize, and spot CVD and ETF flows to improve. What matters is not just a Bitcoin rebound, but whether real buyers return.
Written by XWIN Japan

The analysis of whale XRP flows into Binance reveals the largest daily inflow since 2024.
Approximately 691 million XRP reached the platform in a single day as the price fell below $1.30. This surpassed the previous record set in February 2026 during a capitulation episode. In dollar terms, these whales deposits exceeded $900 million, a particularly large amount for a single day.
This acceleration is part of a broader trend. The 90-day moving average of inflows now exceeds $100 million per day, its highest level in nearly six months.
Several factors could explain the increase. The break below $1.30 may have prompted some holders to transfer XRP to Binance to sell, limit losses or protect their remaining gains. Depositing funds on an exchange makes them available for sale, although it does not confirm that a sale has taken place.
Some of these transfers could also reflect efforts to replenish Binance’s reserves following the October 29 hack, during which approximately 233.5 million XRP were stolen.
These whale inflows come as XRP trades more than 67% below its latest all-time high. Monitoring exchange inflows and selling volumes will help assess whether these deposits translate into sustained selling pressure or prove to be an isolated spike.
Written by Darkfost

BTC trades at $75.8K, down 7.3% over 30 days. On-chain structure remains healthy, though: MVRV is 1.40 and NUPL is 0.29. That points to mid-cycle optimism, not euphoria. Price sits about 40% above the Realized Price ($54K).
Caution signals:
SOPR (0.996) and STH-SOPR (0.991) are below 1. Recent buyers are selling at a loss, so short-term selling pressure persists.
Total exchange reserves (2.83M BTC) sit at the 98th percentile of the past year (Z=+2.34). Coinbase reserves show Z=+3.34. Rising exchange balances usually mean more potential supply.
Coinbase Premium is negative (-0.15, 8th percentile). US and institutional demand is weak.
The aggregate Leverage Ratio is at the 95th percentile. With OI near $25.6B, cascading liquidations are a risk.
Stablecoin reserves on exchanges have collapsed (ALL: $52.7B, 1st percentile). That means less "dry powder" available for buying.
Binance note: Binance netflow is negative (-2.3K BTC) and its reserve is down 4.5%. BTC keeps leaving the exchange. But the simultaneous stablecoin outflow (-$320M) shows buying liquidity is shrinking too. This is not purely accumulation.
Macro: Inflation is rising (CPI 3.74%, PPI 6.34%). VIX has jumped to 28.2, and BTC's 30-session correlation with it is -0.715. Bitcoin has been trading as a risk asset. The Nov 10 CPI release could be a key catalyst.
Conclusion: The medium-term structure is intact, but the short-term bias is cautious, neutral to bearish. Until SOPR climbs back above 1, Coinbase Premium recovers and VIX cools, a strong rebound looks unlikely.
Written by CryptoOnchain

As retail investors increased their $BTC buying, large investors are selling significant amounts, suppressing any upward movement in $BTC.
The rally in $BTC lasted only one day, and the shifted back into a downward trend.
Retail buying momentum faltered, giving way to a trend of selling.
Whales do not want retail investors in the market yet. They continue to drive them out.
Following the price decline, large investors have begun buying again, while retail investors continue to sell.
They are repeatedly inducing retail investors to sell.
Written by CW8900

The overall inflow trend started picking up around June, gradually at first.
But after the Ledger hardware wallet hack on October 9, we saw a much sharper increase in long-term BTC moving to CEXs.
The chart uses a 30D average, so the acceleration only becomes really visible towards late October.
Then came the Binance hack on October 29. We could see another significant move in the data around this period, although it's too early to establish whether the two events are directly related.
My first thought was that more long-term BTC moving to exchanges means more potential sell pressure. But I'm starting to think there might be more to it.
Maybe some holders are starting to trust exchanges more than their own wallets.
Not everyone is comfortable managing their own security, especially after seeing several hardware wallet and exchange hacks.
Could this be a shift in how retail investors think about custody?
We still don't know why these older coins are moving to exchanges. But the data is showing a clear increase in long-term BTC inflows to CEXs, and I think it's worth looking beyond the usual selling-pressure narrative.
Written by nocoffeenobrain

Gold has corrected by more than 30% since the start of the year and is now trying to stabilize around $4 000 an ounce. The pullback follows a 246% gain over the past four years.
The rise of tokenization has enabled crypto companies to offer exposure to gold on platforms historically focused on cryptocurrencies.
According to CoinGecko, tokenized assets, which represent assets digitally on a blockchain, have a combined market capitalization of approximately $50 billion. Commodities account for nearly $6 billion, with a substantial share linked to gold.
On Binance, interest in these products is reflected in growing spot trading volumes. Since their launch on the platform, gold-backed products have generated more than $8 billion in cumulative trading volume.
Excluding the initial spike during the first few days of trading, the past seven days set a new volume record, with more than $325 million traded. November 5 alone accounted for $78 million.
This pickup in trading comes amid a correction in gold and weakness in the crypto market. It reflects renewed activity in tokenized gold, although volume alone cannot establish whether investors are increasing or reducing their exposure. These products nevertheless offer a way to diversify into gold directly through crypto platforms.
Written by Darkfost

Bitcoin briefly climbed above $81,000 on November 4 but slipped back toward $75,000 within days. The key question is who is buying.
The rebound was driven partly by short covering. CryptoQuant reported about $290 million in short liquidations. Yet spot demand remained weak: the 30-day average net spot volume delta was around -$28 million on Binance and -$9.4 million on Coinbase. Short-term holders also transferred about 32,695 BTC to exchanges at a loss on November 6. Transfers do not prove sales.
Institutional demand offered little support. U.S. spot Bitcoin ETFs recorded $411.9 million in net outflows on November 6, including $403 million from BlackRock's IBIT, according to Farside Investors. Stablecoin supply also contracted by about 4.9% over 30 days.
Two CryptoQuant charts reveal the underlying weakness.
Apparent Demand Growth estimates how much BTC the market absorbs based on issuance and changes in older supply. Its one-year measure has weakened, and the 30-day bars remain negative. Price rebounds have not been matched by sustained demand recovery.
The Coinbase Premium Index compares BTC pricing on Coinbase and Binance. It was frequently positive during the 2025 rally but has spent much of 2026 below zero, suggesting weaker relative U.S. buying pressure. Even when BTC rebounded in August and September, the premium largely stayed negative.
Some large wallets may be accumulating, but exchange movements alone do not prove purchases. A sustained recovery requires more than short liquidations. I will watch for improvement in 30-day apparent demand, a sustained positive Coinbase premium, and renewed ETF inflows.
Price can rebound before demand does. The real test is whether committed spot buyers return.
Written by XWIN Japan

The 14-day SMA of the Binance taker buy/sell ratio for XRP reached 0.998 on November 5, 2026, when XRP traded at $1.206.
A reading near 1.0 means taker buy volume and taker sell volume were roughly equal on Binance. The 7-day average ratio was 0.976, and the value on November 2 was 0.896, so the ratio has moved from below 1.0 toward balance. This shift alone does not confirm a reversal in buying pressure.
Over the same window, XRP fell from $1.25 on November 2 to $1.21 on November 5. Price declined while aggressive selling on Binance eased, which may suggest that selling pressure is fading even as the price trend remains weak.
Market context: a hot-wallet hack at Binance on October 29, in which about $6.2 to $6.4 billion was stolen, may have affected trading flows during the same period. The dollar index stood at 101.56, roughly unchanged over one month. These are US-level series and do not measure XRP taker flows directly.
One candidate explanation, unverified: the move toward balance may reflect a reduction in forced selling after recent declines, or the aftermath of the Binance hack on trading flows.
"For now, the clearest reading is that aggressive selling on Binance has eased and the taker ratio has moved toward balance, though the window is short and the claim of a high since August still needs verification against the full series."
Written by CryptoOnchain