On November 11, 2026, BlockBeats reported a note from CryptoQuant analyst Darkfost on Bitcoin’s distribution phase and short-term holder transfers. The flash was published at 18:12:29 (UTC+8). It records what the analyst described as of that date.
Darkfost said that since October, BTC had been in a continuous distribution phase and the price had pulled back by about 15%. Short-term holders (STH) had already been through a round of profit-taking. After that, loss-making transactions were dominant.
In the 24 hours covered by the note, short-term holders transferred 48,500 BTC to exchanges. Of that amount, 47,300 BTC was transferred at a loss. Darkfost described the move as one of the larger capitulation-style selling episodes by short-term holders in recent months.
The note places those points in sequence: distribution since October, a roughly 15% pullback, profit-taking, then a loss-led day of exchange inflows. It does not show that the one-day transfers caused the pullback, identify who received the coins, or mark a cycle high or low.
Original report: BlockBeats flash, November 11, 2026, 18:12:29 (UTC+8).
