In a report published on November 11, 2026, CryptoQuant analyst Darkfost said Bitcoin had been in a sustained distribution phase since October, with its price down about 15%. After an earlier round of profit-taking by short-term holders, transfers made at a loss had become dominant, according to the analyst.
Over the 24 hours preceding the report, short-term holders sent 48,500 BTC to exchanges; 47,300 BTC was transferred while those holders were at a loss. Darkfost characterized the activity as one of the larger short-term-holder capitulation episodes in recent months. Exchange transfers, however, do not by themselves establish how much BTC was sold.
Original report: BlockBeats, published November 11, 2026, at 18:12:29 UTC+08:00.