Bitcoin Whales Accumulate Coins While ETF Investors Pull Out Funds

On-chain data indicates that specific large-wallet cohorts are building up their cryptocurrency reserves, while United States spot bitcoin etf products continue to experience net withdrawals. According to an analysis published by Glassnode, accumulation is currently concentrated within entities holding between 100 and 1,000 coins, as well as those holding between 1,000 and 10,000 coins, across a seven-day observation window leading up to November 9.

These two cohorts both recorded scores above 0.5 on the analytics firm's metric, which weights entity balance sizes and recent balance changes while excluding exchange and miner addresses. A score near 1 points to stronger weighted accumulation, whereas a reading closer to 0 signals distribution or a lack of accumulation. Conversely, all other wallet size categories continued reducing their combined holdings during the same period, including the largest category holding more than 10,000 coins and the smallest group holding fewer than 1 coin.

Glassnode noted that the two accumulating cohorts spent much of October distributing before shifting back to accumulation. A similar pivot occurred in late September, though that episode did not persist over the long term. Wallet balance bands do not establish beneficial ownership or reveal whether the holders are individual investors, institutions, or participants using specific funding sources.

Large-wallet cohorts are accumulating Bitcoin while spot exchange-traded funds record ongoing net withdrawals.

Meanwhile, figures compiled by Farside Investors extend the broader market picture through November 10. Completed trading sessions for spot Bitcoin exchange-traded funds showed net withdrawals of $95 million on that day. Throughout the early November trading sessions, withdrawals were recorded in six out of seven days running from November 2 through November 10, following a brief inflow on November 4.

Market Flows And Metrics

Because cohort scores track on-chain accumulation and exchange-traded fund flows measure net money moving into or out of those specific funds, the units cannot be directly offset to determine whether large-wallet purchases covered the redemptions. Neither dataset connects the accumulating wallet groups to the other side of exchange-traded fund outflows, meaning that identifying the buyers behind those withdrawals would require additional information.

Market observers point out that a wider recovery would require additional wallet-size groups to join the accumulation signal alongside sustained net inflows into exchange-traded funds. Such developments would help confirm that demand is broadening out beyond the two currently active cohorts.

Why it matters

The divergence between localized large-wallet accumulation and ongoing fund withdrawals highlights shifting participation levels across the digital asset ecosystem. While specific holder groups show renewed support, broader market momentum relies on participation expanding across multiple wallet sizes and investment vehicles alike.