XWIN Research: BTC rebound requires attention to spot demand and leverage changes
Original headlineXWIN 研究机构：BTC 反弹需关注现货需求与杠杆变化
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Bitcoin's recent rebound lacks sustained spot demand, according to XWIN Japan, which argues that whether the recovery holds depends on whether spot buying can absorb potential exchange supply. CryptoQuant data shows the top ten BTC deposits as a share of total exchange inflows repeatedly exceeded 0.4 from late October, indicating rising concentration of large deposits, though this alone does not prove whales have sold. Estimated leverage ratio rose from roughly 0.22–0.24 in mid-October to about 0.265 in early November before easing to 0.249, still above mid-October levels. XWIN Japan recommends watching cumulative spot volume delta, Coinbase premium, ETF flows and leverage changes to judge whether the rebound can persist.
Muhabbit's AI wrote this summary in its own words from TechFlow's report and translated it from Chinese. It can get details wrong, so check the source.
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Bitcoin (BTC), XWIN Japan, CryptoQuant, Coinbase (COIN)
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