Glassnode warned in an assessment published on Nov. 11, 2026, that bitcoin’s recovery prospects were constrained by shrinking stablecoin supply, U.S. spot bitcoin ETF redemptions and weak demand on Coinbase. It estimated that stablecoin supply fell $14.2 billion over 30 days and that the ETFs had $1.6 billion in net redemptions over 20 trading sessions. Glassnode also said wallets holding 100 to 10,000 BTC had resumed accumulating, while smaller investors and the largest holders continued selling.
Options data showed a modest edge for calls in outstanding contracts, but puts narrowly led trading volume over the preceding 24 hours. Prediction-market figures cited for Nov. 11 put a 39% probability on bitcoin touching $80,000 in November. Those price-touch contracts measure a different outcome from Kalshi’s year-end market, which measures bitcoin’s closing price range.
