Crypto analyst Murphy said Bitcoin (BTC) logged its strongest spot-side seller skew on Nov. 5 since the rally began in August, a signal that left buyers’ capacity to absorb further pressure untested.
Murphy put the Nov. 5 spot volume delta (SVD) reading above the seller bias he cited for the Oct. 30 Binance security incident. Prices fell as sell activity continued, but Murphy said that decline did not establish how much selling buyers could absorb.
In Murphy’s view, a comparable sell wave that barely moved prices would point to improved buyer depth. He said the market has not produced that test yet.
Murphy linked weaker bullish confidence to the Binance episode and a steep U.S. stock-market decline occurring close together. He said it may take weeks, or as long as one to two months, for the market to process the fear, and judged an immediate V-shaped rebound unlikely.
He pointed to changes in investor behavior, market sentiment and the distribution of holdings as measures to watch. A previous EconoTimes report on spot demand said a 30-day gauge had turned negative as exchange balances rose.
