On the afternoon of November 4, BTC spot was quoted at $78,341.38, up 1.14% over 24 hours. It is true that the price has risen above 78k, but attributing this to “fading midterm election uncertainty” is just a headline’s explanation; there is no corresponding on-chain data.
What’s unusual about this combination is that the price rebounded quickly, yet there was no corresponding change in stablecoin or ETF data. At least in this snapshot, I don’t see fund flows backing up the narrative. So for now, 78k can only be treated as a price snapshot, not evidence of funds flowing back in.
Going forward, I’ll check just one thing: whether Binance’s BTC wallet balance shows sustained net outflows around 78k. If the price holds but the wallet balance only reflects transfers, the rebound remains at the narrative level and does not count as on-chain confirmation.
What’s unusual about this combination is that the price rebounded quickly, yet there was no corresponding change in stablecoin or ETF data. At least in this snapshot, I don’t see fund flows backing up the narrative. So for now, 78k can only be treated as a price snapshot, not evidence of funds flowing back in.
Going forward, I’ll check just one thing: whether Binance’s BTC wallet balance shows sustained net outflows around 78k. If the price holds but the wallet balance only reflects transfers, the rebound remains at the narrative level and does not count as on-chain confirmation.