Bitcoin Whales Accumulate While Spot ETF Investors Withdraw Millions Daily

Bitcoin's most recent accumulation signal is confined to two large-wallet cohorts, while United States spot Bitcoin exchange-traded funds (ETFs) continue to post withdrawals.

In a Nov. 11 report, on-chain analytics firm Glassnode identified accumulation within the 100-1,000 $BTC and 1,000-10,000 $BTC cohorts over the seven-day window ending Nov. 9. Both groups, which are segmented by the amount of Bitcoin held, recorded scores above 0.5. According to the analytics firm, every other wallet-size cohort continued to reduce aggregate holdings, including the largest tier above 10,000 $BTC and the smallest below 1 $BTC.

Two cohorts return to accumulation

Glassnode noted that both cohorts had spent much of October distributing before turning back to accumulation, a pattern suggesting some large holders are adding to their balances even as participation elsewhere remains weak. The report also flagged that the same two cohorts moved into accumulation in late September, but that episode did not last.

The firm's seven-day metric weights entity Bitcoin balance size and balance changes across the observation window, excluding exchange and miner entities. A score near 1 signals stronger weighted accumulation, while a reading near 0 can indicate distribution or an absence of accumulation. Glassnode added that wallet balance bands do not establish beneficial ownership, nor do they reveal whether the holders are institutions, individuals, or buyers using a particular funding source.

ETF outflows persist through Nov. 10

Newer ETF figures extend the picture through Nov. 10, when the funds recorded net withdrawals of $95 million, according to Farside Investors. The provider's completed November sessions for spot Bitcoin ETFs show outflows 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, including Nov. 9 and Nov. 10.

The funds themselves won United States Securities and Exchange Commission approval and began trading in January 2024, and because they hold Bitcoin directly, their shares give investors exposure to the asset through standard brokerage accounts — a structure that has made their session-by-session flows a running record of how money moves through the products.

The cohort score tracks weighted on-chain accumulation, whereas ETF flows measure net money entering or leaving the funds. Because the units differ, they cannot be offset against each other to determine whether large-wallet buying covered ETF withdrawals. Neither dataset links the accumulating groups to the counterparties behind ETF redemptions, and identifying who acquired the Bitcoin tied to those withdrawals would require information the two measures do not provide.

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

For now, the two-cohort turn offers evidence of localized support, and the short-lived late-September accumulation shows why its persistence remains an open test. Subsequent Glassnode reports and Farside's daily flow tallies are where the two signals will either broaden or fade.