Confirmed as a tracker tally: Lookonchain says public companies shed a net 11,647 BTC between November 2 and 8. “Net” is doing real work in that sentence.

Lookonchain’s November 9 weekly report puts the corporate net at 11,647 BTC ($869.12 million), with stablecoin supply down $4.68 billion in the same week. 24/7 Wall St. walks the same figure and attributes most of the gross selling to Hut 8 and Next Technology Holding, while noting Strategy bought 1,036 BTC and Strive bought 29 BTC in filings dated November 9.

24/7 Wall St. also compares the corporate net with US spot bitcoin ETF outflows of about $1.28 billion over November 2–6 — roughly 17,000 BTC, larger than the public-company net. Some Hut 8 coins in the weekly print reflect earlier sales, not an identical November cash session.

A net figure can hide buyers and sellers in the same week. Strategy’s 1,036 BTC purchase and Strive’s 29 BTC purchase, both in filings dated November 9, sit inside the same window as the net sell. Folding every treasury move into one crash headline erases those buys.

The skeptical read: 11,647 coins is small against ~1.3 million BTC that public companies hold in aggregate. ETF flows and stablecoin supply still look like the broader tape. Corporate “diamond hands” marketing did not survive contact with AI capex and buyback programs.

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