Cite asCryptoQuant has tracked the directional calls on BTC by @rugaresearch on CryptoQuant since Dec 2025: not yet scored on BTC (as of Nov 11, 2026).
Relative view by default: Leo Ruga’s calls are mostly nuanced, so each day is read against their usual tone.
Sentiment timeline shows relative sentiment within this analyst's history. A perma-bull showing 8 bullish : 2 bearish in a bear market sets that as their baseline. If you notice any errors, claim @rugaresearch to submit corrections.
Hover the chart to read the thesis of that period · click a day to pin it
OKX and Bybit Absorb +5,088 BTC While Coinbase Records −4,012 BTC Intrabar
OKX and Bybit absorb +5,088 BTC in one session. Coinbase bleeds −4,012 BTC, its 8th-biggest outflow in a year. Binance withdrawals stay paused, muddying the read.
View original →Binance's $6.3B Incident: 10 Transfers Carried 85.9% of Its BTC Outflow
Ten Binance transfers move 24,032 BTC ($1.87B), carrying 85.9% of outflows. The $6.3B incident sees ~$3B frozen as withdrawals stay suspended. The real test comes at reopening.
View original →Whale Holdings Back Above 3M BTC While Apparent Demand Is Still Below Zero
Whales scoop 84K BTC in 30 days, pushing holdings back to 3.02M. Apparent demand still sits at -23K BTC. Base case: 30-day range as smart money accumulates.
View original →USDT 60-Day Supply Change Crosses Zero at +$505M After a -$5.7B July Low
USDT's 60-day supply change flips to +$505M, first positive in 3 months. BTC rips $64K to $83.7K with zero stablecoin fuel. Next trigger: 30-day average crossing zero.
View original →Bitcoin ETFs Hold 1.2967M BTC, and the Demand Growth Behind It Just Rolled Over.
ETF demand growth just rolled over while Bitcoin pushed into the mid-80s—the first divergence of this cycle. Three funds hold 84% of the 1.29M BTC in spot ETFs, with IBIT alone at 61%. Structural...
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