Bitcoin whales stack coins while ETF investors dump millions daily
Summary
Glassnode reported that wallets holding 100–1,000 BTC and 1,000–10,000 BTC returned to accumulation in the seven days through Nov. 9, while all other wallet-size groups reduced holdings. The shift followed distribution during much of October, and a similar move in late September proved temporary. US spot Bitcoin ETFs recorded $95 million in net withdrawals on Nov. 10, after outflows in six of seven completed trading sessions from Nov. 2 through Nov. 10. Wallet accumulation metrics and ETF flows measure different things and cannot show whether these large holders bought Bitcoin connected to ETF redemptions. The data point to localized support, but broader demand and persistence remain uncertain.
