According to Woofun AI, the Bitcoin market is undergoing a deep adjustment caused by the exhaustion of stablecoin liquidity, and the total spot demand for BTC has dropped sharply by 284,000 units over the past 30 days. This sharp contraction is not an isolated phenomenon, but is directly linked to the sharp evaporation of $6.6 billion in USDT's market capitalization in 60 days, marking a systematic retreat in purchasing power at the bottom of the market.
Judging from the microstructure of capital flow, USDT is the core liquidity reserve for derivatives trading and institutional allocation of risky assets, and the withdrawal of its supply means that a large amount of capital has withdrawn from the normal trading cycle. According to a report released by CryptoQuant on November 10, 2026, the scale of this capital outflow was extremely rare, more than double the level of outflow recorded after FTX went out of business in December 2022.
According to data compiled by Woofun AI, this sharp decline in available liquidity directly led to a simultaneous weakening of the spot purchasing power of major exchanges, which in turn limited effective buying to support the supply of BTC circulating in the market. As of November 10, 2026, the BTC price has cumulatively declined by about 12% over 30 days, and the current price is about 15.6% lower than the partial high of $87,400 set in September. The report attributed this round of sell-offs to multiple macro and micro factors: including a profit settlement after the September market rebound, the Federal Reserve's continued austerity policies, security incidents affecting the Binance platform, and uncertainty brought about by the US midterm election results.
Notably, the Coinbase (COIN.US) Premium Index has been in a negative state for 30 consecutive days. This indicator clearly reflects the lack of willingness of spot investors located in the US jurisdiction to buy, further confirming the lack of local liquidity.
In terms of technical and market sentiment indicators, the Bull Score index compiled by CryptoQuant showed a cliff-style decline, plummeting from 90 points on October 13 to 20 points on November 10, officially entering an extremely bearish range. The agency pointed out that the last time the index fell to the 20-point level was after the US imposed commercial tariffs in April 2025, but the index quickly rebounded to 80 points within the next two months as the bottom of the market was established, which provided a historical reference for the current market.
An analysis of holders' profitability shows that investors who bought BTC 1 to 3 months ago are now at a loss, and their unrealized profit margin fell from 33% on September 22 to -6% on November 10. In the previous bullish cycle pullback phase, the indicator fell further to -12%, suggesting that there is still room to release the current selling pressure. From the perspective of technical analysis of the chart, the BTC price is currently running below the 365-day simple moving average ($76,400). CryptoQuant's technical analysts predict that the 200-day moving average of around $73,200 will be the most important support level in the short term. If this position is lost, the asset may face a longer correction.
At the same time, independent market analysts gave clearly divided views on future market trends. Technical trader Lennaert Snyder pointed out that after US consumer inflation data was higher than expected, the BTC price tested a weekly low of $73,500; he expects the $78,000 to $80,000 range to form a strong resistance area if there is a technical rebound. In contrast, analysts such as Freedom By 40 found bullish divergence signals on the charts for different time periods and viewed the $71,000 area as a potential support level corresponding to the 0.5 Fibonacci retracement level.
Furthermore, market analyst Mister Crypto observed a break in a falling wedge structure in the two-week K-line chart and compared it to a similar technical pattern in 2023. Currently, the attention of various trading institutions and researchers is focused on the upcoming US BTC spot ETF institutional capital flow data and changes in Tether's weekly issuance volume. These variables will be the key weather vane for judging whether the market has bottomed out.