Bitcoin whales stack coins while ETF investors dump millions daily

On-chain analytics firm Glassnode identified accumulation in the 100-1,000 BTC and 1,000-10,000 BTC cohorts over the seven-day period through Nov. 9. Both groups recorded scores above 0.5 on Glassnode's metric, which weights entity Bitcoin balance size and balance changes over the observation window.

Meanwhile, US spot Bitcoin ETFs continued their downward trend, recording net withdrawals of $95 million on Nov. 10. According to Farside Investors, these funds have seen withdrawals in six of seven completed November sessions through Nov. 10, with only Nov. 4 showing inflows.

Divergent Market Signals

The accumulation signal is concentrated in just two large-wallet groups, while every other wallet-size cohort continues reducing aggregate holdings. This includes the largest group above 10,000 BTC and the smallest below 1 BTC.

Their behavior suggests some large holders are adding to their balances, even as participation elsewhere remains weak.

The same two groups had turned to accumulation in late September, but that episode did not persist. They had spent much of October distributing before returning to accumulation in early November.

Market Analysis

Neither dataset connects the accumulating groups to the other side of ETF redemptions, and identifying who acquired Bitcoin associated with those withdrawals would require information these measures don't provide.

A broader improvement would involve more wallet-size groups joining the Bitcoin accumulation signal, alongside sustained net ETF inflows. Those developments would strengthen the case that demand is spreading beyond the two accumulating groups.

For now, the two-cohort turn provides evidence of localized support, with the short-lived late-September accumulation showing why its persistence remains an open test.