Bitcoin hovers around $76,000 ahead of the US CPI report, but a Coin Metrics update to Binance address coverage could distort perceived spot‑selling signals.
Bitcoin is trading near $76,000 as the market awaits the US Consumer Price Index (CPI) report on Tuesday, Nov. 10. While some analysts have flagged aggressive spot‑selling on Binance, Coin Metrics warned that a recent update to its exchange‑address dataset could create a misleading impression of heightened supply on the exchange.
According to CryptoSlate, Coin Metrics issued a notice on Nov. 4 that it would add newly disclosed Binance wallets to its exchange‑supply calculations. The provider said the change would cause “significant increases” in hourly and daily supply metrics for Binance, both in native BTC units and in USD terms, starting on Nov. 5. The update reflects broader address coverage rather than an influx of new coins onto the exchange, Coin Metrics explained.
CryptoQuant analyst Darkfost has described recent Binance activity as “more aggressive spot selling than buying.” However, CryptoSlate notes that Coin Metrics’ methodology counts balances in identified hot and cold wallets at the end of each interval. Adding a previously unknown wallet raises the reported balance even if no new BTC were deposited. The provider also cautions that undiscovered addresses can keep the metric below actual holdings, meaning the figure is sensitive to discovery rather than trader behavior.
The upcoming CPI release, scheduled for 8:30 a.m. ET (13:30 UTC), will test demand for Bitcoin. CryptoSlate advises that the most reliable signal will be the combination of actual deposit flows to exchanges and executed sell orders, not merely the raw wallet balance. If aggressive selling coincides with a resilient price, it could indicate that buyers are absorbing pressure; sustained price weakness would suggest otherwise.
After the CPI data, market participants will look for: (1) changes in Binance and Coinbase deposit volumes, (2) the volume of sell‑taker trades recorded by Coin Metrics, and (3) Bitcoin’s price reaction relative to the $76,000 level. Any divergence between on‑chain supply metrics and actual trade execution could further clarify whether the recent data shift was purely methodological or reflected genuine market pressure.
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