Key Takeaways
- • Binance Bitcoin taker buy/sell ratio fell to 0.85, its lowest reading in more than a year, per CryptoQuant analysis by Darkfost, indicating sell-side urgency rather than exhaustion.
- • Deribit DVOL at 40.77 with Bitcoin 17.4% below its 30-day closing high; the 2026-only median of 49.9 shows the current reading is mildly subdued for this year, not anomalous.
- • US spot Bitcoin ETFs recorded $1.44 billion in outflows over five consecutive sessions from November 5 to November 11, per Farside Investors, so the roughly 1.3 million BTC fund holdings level does not confirm current demand.
- • Bitcoin traded below $70,000 for the first time since August with 51.9% of taker volume on the sell side, according to CoinDesk, meaning recent selling reached lower prices rather than being absorbed.
Summary
Two CryptoQuant posts published November 13, 2026, one by Darkfost on Binance futures execution and one by The Daily Digits on options pricing, have been read as bottoming signals for Bitcoin. Coindoo's analysis argues that neither measure establishes the buyer absorption a bottom requires. Darkfost reported Binance's Bitcoin taker buy/sell ratio at 0.85, meaning sellers initiated roughly 54% of classified trades. The article notes that this metric records only who crossed the spread on a single venue and does not distinguish fresh shorts, long closures, or liquidation-engine sells. CoinDesk's Friday report put crypto liquidations at $1.64 billion, with longs accounting for almost 89%, and Bitcoin futures liquidations at $916 million, 95% longs, so a portion of the sell-side pressure was mechanical.
The Daily Digits reported Deribit's DVOL index at 40.77 with Bitcoin 17.4% below its rolling 30-day closing high, near a reference price of $68,667. Compared with 290 similar drawdown days since March 2021, the reading implies a median of 77.8, but against 2026-only drawdown days the median is 49.9, so the current reading is 18.3% lower. Coindoo characterizes the 2026 comparison as more relevant and notes the historical sample has not been independently reconstructed. DVOL measures expected variability, not direction, and a low reading during a steady 17% decline is consistent with a controlled grind lower rather than a floor.
On fund flows, the article contrasts a holdings level near 1.3 million BTC with Farside Investors data showing $1.44 billion in net US spot Bitcoin ETF outflows across five sessions, including $299.8 million on November 11 and a preliminary $47.7 million outflow on November 12. At prices near $70,000, the article estimates the outflow equals roughly 20,000 BTC, about 1.5% of the holdings balance.
Coindoo outlines what a credible recovery would require: open interest rising rather than falling during a bounce, the one-week 25-delta skew (about 14% on Friday, per CoinDesk, up from about 10% on November 10) easing on days price holds, and realized moves stopping outpacing implied volatility, which had eased to about 35% on Thursday. Friday's drop of more than 3% before midday UTC was roughly double the typical daily move implied by that figure. Coindoo concludes that the contrarian rebound case remains unconfirmed while spot continues printing lower lows under sell-dominated volume.
The Daily Digits reported Deribit's DVOL index at 40.77 with Bitcoin 17.4% below its rolling 30-day closing high, near a reference price of $68,667. Compared with 290 similar drawdown days since March 2021, the reading implies a median of 77.8, but against 2026-only drawdown days the median is 49.9, so the current reading is 18.3% lower. Coindoo characterizes the 2026 comparison as more relevant and notes the historical sample has not been independently reconstructed. DVOL measures expected variability, not direction, and a low reading during a steady 17% decline is consistent with a controlled grind lower rather than a floor.
On fund flows, the article contrasts a holdings level near 1.3 million BTC with Farside Investors data showing $1.44 billion in net US spot Bitcoin ETF outflows across five sessions, including $299.8 million on November 11 and a preliminary $47.7 million outflow on November 12. At prices near $70,000, the article estimates the outflow equals roughly 20,000 BTC, about 1.5% of the holdings balance.
Coindoo outlines what a credible recovery would require: open interest rising rather than falling during a bounce, the one-week 25-delta skew (about 14% on Friday, per CoinDesk, up from about 10% on November 10) easing on days price holds, and realized moves stopping outpacing implied volatility, which had eased to about 35% on Thursday. Friday's drop of more than 3% before midday UTC was roughly double the typical daily move implied by that figure. Coindoo concludes that the contrarian rebound case remains unconfirmed while spot continues printing lower lows under sell-dominated volume.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.