XWIN Japan2026-11-12

Bitcoin's Rebound Fades as Spot Demand Weakens and Miner Flows Surge | XWIN

Bitcoin fell into the $71,000 range on November 12 as its rebound faded. Hot U.S. inflation, continued spot ETF outflows and weak liquidity weighed on sentiment. Ethereum also slipped toward $2,000. Two CryptoQuant charts reveal the market structure behind the decline. First, Bitcoin: Spot and Perpetual Futures Demand Growth (30-day sum) shows demand weakening across both markets. An earlier reading indicated improving spot demand despite deteriorating futures demand. But the latest analyst estimate puts spot demand at -280,000 BTC and futures demand at -82,000 BTC, a combined -362,000 BTC. The earlier improvement was real but did not last. Futures taker CVD remained sell-dominant, while spot taker activity was closer to neutral. Second, Bitcoin: Miner to Exchange Flow (Total) spiked to 2,077 BTC on November 10, about 16 times its 30-day daily average of 127 BTC. Roughly 97% came from Antpool. This is not evidence of widespread miner selling: exchange deposits can also reflect treasury transfers. However, higher mining difficulty combined with lower BTC prices may be squeezing miner margins. Other pressures persist. U.S. spot Bitcoin ETFs posted about $300 million in net outflows on November 11. Glassnode also reported a $14.2 billion drop in stablecoin supply over 30 days. Short-term holders remain under pressure near their $75,600 average cost basis. My view: leverage is being unwound, but spot demand has not recovered sustainably. Watch demand growth, Coinbase premium, ETF flows and whether miner transfers turn into actual sales. A lasting rebound requires fresh buyers, not just fewer sellers.