[XWIN Research: BTC Rebound Needs Attention to Spot Demand and Leverage Changes] According to XWIN Japan's analysis on November 10th, the rebound in Bitcoin after the decline lacks sustained spot demand. Whether the recovery can be sustained depends on whether spot buying can absorb potential exchange supply. CryptoQuant data shows that the percentage of the top ten deposits flowing into exchanges into BTC has exceeded 0.4 multiple times since late October, indicating an increase in the concentration of large deposits, but this cannot prove that whales have sold off. The estimated leverage ratio rose from approximately 0.22 to 0.24 in mid-October to approximately 0.265 in early November, subsequently falling back to 0.249, still higher than the mid-October level. XWIN Japan suggests paying attention to the cumulative spot trading volume difference, Coinbase premium, ETF fund flows, and leverage changes to determine whether the rebound can be sustained.