Bitcoin whales stack coins while ETF investors dump millions daily

Bitcoin's latest accumulation signal is concentrated in two large-wallet groups, while US spot Bitcoin exchange-traded funds (ETFs) continue to record withdrawals. In its Nov. 11 report , on-chain analytics firm Glassnode identified accumulation in the 100-1,000 BTC and 1,000-10,000 BTC cohorts over the seven-day period through Nov. 9. These cohorts, grouped by the amount of Bitcoin held, both recorded scores above 0.5. The analytics firm said every other wallet-size cohort was still reducing aggregate holdings, including the largest group above 10,000 BTC and the smallest below 1 BTC. The newer ETF figures extend that picture through Nov. 10, when the funds recorded net withdrawals of $95 million, according to Farside Investors . Glassnode said both had spent much of October distributing before returning to accumulation.

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