Bitcoin’s latest accumulation signal is concentrated among two large-wallet groups, while US spot Bitcoin exchange-traded funds (ETFs) continue to see outflows.
In its Nov. 11 report, on-chain analytics firm Glassnode identified accumulation among the 100-1,000 $BTC and 1,000-10,000 $BTC cohorts during the seven-day period ending Nov. 9.
Both cohorts, categorized by the amount of Bitcoin they hold, posted scores above 0.5. Glassnode said all other wallet-size groups were still reducing their combined holdings, including the largest cohort, above 10,000 $BTC, and the smallest, below 1 $BTC.
The latest ETF data extend the picture through Nov. 10, when the funds recorded net outflows of $95 million, according to Farside Investors.
Glassnode said the two cohorts spent much of October distributing before shifting back to accumulation. Their activity suggests some large holders are increasing their balances, even as participation remains weak elsewhere.
The report also noted that the same two cohorts began accumulating in late September, but that period did not last.
Glassnode’s seven-day metric weights entities by their Bitcoin balance and balance changes during the observation period, and excludes exchange and miner entities.
A score close to 1 signals stronger weighted accumulation, while a reading close to 0 may indicate distribution or no accumulation.
Wallet Bitcoin balance bands do not establish beneficial ownership or reveal whether holders are institutions, individuals, or buyers using a specific funding source.
ETF withdrawals continued through Nov. 10
Farside’s data for completed November trading sessions in spot Bitcoin ETFs show withdrawals on six of the seven trading days from Nov. 2 through Nov. 10. Outflows resumed after inflows on Nov. 4 and continued in every subsequent completed session shown, including Nov. 9 and 10.
| Completed session | US spot Bitcoin ETF net flow |
|---|---|
| November 2 | Net outflow of USD 398.6 million |
| November 3 | Net outflow of USD 115.6 million |
| November 4 | Net inflow of USD 74.6 million |
| November 5 | Net outflow of USD 430.2 million |
| November 6 | Net outflow of USD 411.9 million |
| November 9 | Net outflow of USD 201 million |
| November 10 | Net outflow of USD 95 million |
The cohort score tracks weighted on-chain accumulation, whereas ETF flows measure net money moving into or out of the funds. Because the measures use different units, they cannot be offset to determine whether large-wallet buying covered ETF withdrawals.
Neither dataset links the accumulating groups to the counterparties in ETF redemptions. Identifying who acquired Bitcoin associated with those withdrawals would require information these measures do not provide.
A broader improvement would see more wallet-size groups join the Bitcoin accumulation signal and net ETF inflows persist. Such developments would strengthen the case that demand is spreading beyond the two accumulating groups.
For now, the shift by two cohorts offers evidence of localized support. The brief accumulation episode in late September highlights why its persistence remains an open question.
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