Bitcoin whales stack coins while ETF investors dump millions daily

Bitcoin's latest accumulation signal is concentrated in two large-wallet groups, while US spot Bitcoin exchange-traded funds (ETFs) continue to record withdrawals.

In its Nov. 11 report, 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.

These cohorts, grouped by the amount of Bitcoin held, both recorded scores above 0.5. The analytics firm said every other wallet-size cohort was still reducing aggregate holdings, including the largest group above 10,000 BTC and the smallest below 1 BTC.

The newer ETF figures extend that picture through Nov. 10, when the funds recorded net withdrawals of $95 million, according to Farside Investors.

Glassnode said both had spent much of October distributing before returning to accumulation. Their behavior suggests some large holders are adding to their balances, even as participation elsewhere remains weak.

The report added that the same two cohorts turned to accumulation in late September, but the episode did not persist.

Glassnode's seven-day metric weights entity Bitcoin balance size and balance changes over the observation window, excluding exchange and miner entities.

A score near 1 indicates stronger weighted accumulation, while a reading near 0 can indicate distribution or a lack of accumulation.

The Bitcoin balance bands for wallets do not establish beneficial ownership or show whether the holders are institutions, individuals, or buyers using a particular funding source.

ETF withdrawals continue through Nov. 10

Farside's completed November sessions for spot Bitcoin ETFs show withdrawals in six of the seven trading days from Nov. 2 through Nov. 10. Withdrawals resumed after the Nov. 4 inflows and continued in every subsequent completed session shown, including Nov. 9 and 10.

Completed sessionUS spot Bitcoin ETF net flowNovember 2Net outflow of USD 398.6 millionNovember 3Net outflow of USD 115.6 millionNovember 4Net inflow of USD 74.6 millionNovember 5Net outflow of USD 430.2 millionNovember 6Net outflow of USD 411.9 millionNovember 9Net outflow of USD 201 millionNovember 10Net outflow of USD 95 million

The cohort score tracks weighted on-chain accumulation, while ETF flows measure net money entering or leaving those funds. Their units cannot be offset to determine whether large-wallet buying covered ETF withdrawals.

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.