CryptoSlate
US spot Bitcoin ETFs recorded $95 million in net outflows on Nov. 10, extending a run of withdrawals in six of seven completed November trading sessions, according to Farside Investors. At the same time, Glassnode found accumulation among entities holding 100-1,000 BTC and 1,000-10,000 BTC in the seven days through Nov. 9. Every other wallet-size cohort was reducing aggregate holdings.
Why it matters
The two accumulating groups spent much of October distributing Bitcoin before their recent turn, Glassnode said. They also shifted to accumulation in late September, but that episode did not persist. The latest reading points to support from some large holders rather than a broad-based increase across wallet sizes.
Glassnode's seven-day score weights entity balance size and changes in balances, excluding exchanges and miners. Both accumulating groups scored above 0.5, but the measure does not establish how much Bitcoin they purchased or who owns the entities.
Market impact
ETF outflows continued after a $74.6 million inflow on Nov. 4, including withdrawals of $430.2 million on Nov. 5 and $411.9 million on Nov. 6. Flows for Nov. 11 remained unreported in the figures cited.
The ETF and on-chain measures track different things: net money moving through funds and weighted changes in Bitcoin balances. They cannot show whether large-wallet accumulation offset ETF withdrawals or identify who acquired Bitcoin associated with redemptions. A broader demand signal would require more wallet-size groups to accumulate alongside sustained ETF inflows.
Frequently asked questions
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Which Bitcoin wallet-size groups were accumulating?
Glassnode identified accumulation among entities holding 100-1,000 BTC and 1,000-10,000 BTC over the seven days through Nov. 9.
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How widespread were Bitcoin ETF withdrawals in November?
US spot Bitcoin ETFs recorded net outflows in six of seven completed trading sessions from Nov. 2 through Nov. 10, according to Farside Investors.
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Does the Glassnode score show how much Bitcoin was purchased?
No. The score weights entity balance size and changes in balances, but it does not establish purchase quantities or holder identities.
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Did large holders absorb Bitcoin associated with ETF redemptions?
The available measures do not establish that connection. ETF flows and weighted on-chain balance changes track different things and cannot be directly offset.
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What happened during the previous accumulation episode?
The same two large-wallet cohorts turned to accumulation in late September, but the episode did not persist, according to Glassnode.
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