On November 11, 2026, TechFlow reported CryptoQuant-verified analyst Axel Adler Jr.’s assessment that weak fund flows and U.S. spot demand supported a case for further Bitcoin correction. These are demand indicators, not a valuation model or a price target.
Adler’s analysis put cumulative outflows from U.S. Bitcoin ETFs at $969 million over the preceding five trading days. The five-day fund-flow indicator had fallen $766 million over the past week; during the preceding year, it had been at or below that level on only 15% of days. The Coinbase premium stood at −0.14% and had been negative for 70 consecutive days.
Adler said his view would change if both fund flows and U.S. spot demand turned positive. The reported measures do not, on their own, establish Bitcoin’s fair value.