Large Bitcoin wallet holders are accumulating coins even as US spot Bitcoin exchange-traded funds continue to record significant withdrawals, according to recent on-chain data.
On-chain analytics firm Glassnode identified accumulation in two wallet cohorts over the seven-day period through November 9: wallets holding between 100 and 1,000 BTC and those holding between 1,000 and 10,000 BTC. Both groups recorded accumulation scores above 0.5, a metric that weights entity Bitcoin balance changes over the observation period. Every other wallet-size cohort, including the largest holders above 10,000 BTC and the smallest below 1 BTC, continued reducing aggregate holdings.
The pattern suggests some large Bitcoin holders are adding to their positions despite weaker participation elsewhere. Both cohorts had spent much of October distributing before returning to accumulation, though similar behavior in late September did not persist.
ETF Outflows Dominate Recent Sessions
US spot Bitcoin ETFs recorded net withdrawals in six of seven completed November trading sessions from November 2 through November 10. The most significant outflow occurred on November 5 with $430.2 million, while November 10 saw $95 million in net redemptions. Only November 4 recorded inflows of $74.6 million.
The data tracks wallet-based accumulation and ETF flows separately, and the two datasets cannot be directly offset to determine whether the large-wallet buying covered the ETF redemptions. Neither measure identifies who acquired Bitcoin associated with the ETF outflows.
Localized Support Signals
The accumulation signal remains concentrated in just two wallet cohorts, and broader demand would require more wallet-size groups to join the accumulation trend alongside sustained net ETF inflows. The persistence of this two-cohort pattern remains uncertain given that similar accumulation in late September did not continue.
