Bitcoin whales buy while spot ETFs post withdrawals in November

Two groups of large Bitcoin holders returned to accumulation in early November while US spot Bitcoin ETFs kept losing money. Glassnode reported on Nov. 11 that wallets holding 100-1,000 BTC and 1,000-10,000 BTC both scored above 0.5 on its seven-day accumulation measure through Nov. 9. The split matters because ETF withdrawals continued through Nov. 10, including $95 million in net outflows that day.

Large wallets add as ETF outflows persist

Glassnode grouped wallets by the amount of Bitcoin held and tracked weighted balance changes over seven days through Nov. 9. Only the 100-1,000 BTC and 1,000-10,000 BTC cohorts showed accumulation, with scores above 0.5. Every other cohort reduced aggregate holdings, including wallets above 10,000 BTC and wallets below 1 BTC. The firm said the two accumulating groups had spent much of October distributing before changing direction. A similar turn to accumulation in late September did not persist.

The ETF figures cover completed November sessions from Nov. 2 through Nov. 10, based on data from Farside Investors. Spot Bitcoin ETFs recorded withdrawals in six of those seven trading days. Inflows on Nov. 4 were followed by withdrawals in every subsequent completed session shown, including Nov. 9 and Nov. 10. Flows for Nov. 11 were still unreported at the time of the report. Glassnode excludes exchange and miner entities from its accumulation score, which weights both balance size and balance changes during the observation window.

Why on-chain buying does not offset ETF sales

A score near 1 indicates stronger weighted accumulation, while a reading near 0 can indicate distribution or lack of accumulation. For holders, the current pattern points to localized support from two large-wallet groups rather than broad demand. ETF investors face continued net withdrawals, which measure money entering or leaving those funds and do not by themselves show who sold or bought the underlying Bitcoin. People watching fund flows should treat on-chain scores and ETF flows as separate signals.

The data do not establish who owns the accumulating wallets, whether they are institutions or individuals, or what funding source was used. They also do not connect those wallets to the other side of ETF redemptions. The quantities purchased, investor identities and redemption counterparties remain unresolved. Broader confirmation would require more wallet-size groups joining accumulation alongside sustained net ETF inflows, and the short-lived September episode shows why persistence is still an open question.