Spot Bitcoin and Ether ETFs registered combined outflows of $1.72 billion between November 3 and 7. However, Bitcoin whale accumulation and sustained interest in key altcoins stabilized market sentiment. Data from CryptoQuant reveals that large entities accumulated 36,000 BTC, anchoring the price above $100,000.
Spot Bitcoin ETFs suffered $1.22 billion in net outflows. This marks the third-largest weekly withdrawal on record. Ether ETFs followed with $508 million in withdrawals. According to Ki Young Ju, CEO of CryptoQuant, BlackRock’s IBIT ETF alone accounted for $570 million of the Bitcoin outflows. This move is the largest for IBIT in nine months, attributed to year-end profit-taking.
Despite the weakness in US-based funds, which led redemptions with $1.22 billion, Solana (SOL) products showed strength. SOL ETFs attracted $137 million in inflows, with Bitwise (BSOL) capturing $127 million. Data from CoinShares Research confirmed this regional and asset divergence. While the US sold, Germany and Switzerland registered inflows. Solana extended its 9-week streak of positive flows.
Are whales absorbing the selling pressure from ETFs?
The Bitcoin whale accumulation was the key stabilizing force. On-chain data from CryptoQuant showed a clear redistribution of BTC between October 24 and November 7. During this period, mid-sized investors (“Dolphins,” holding 100-1,000 BTC) drastically reduced their accumulation. However, “Great Whales” (over 10,000 BTC) more than doubled their holdings. This activity resulted in a net increase of over 36,000 BTC in their wallets.
This transfer of supply to stronger holders has been crucial. It helped anchor the Bitcoin price above the psychological $100,000 level. Dr. Martin Hiesboeck of Uphold explained this behavior. He suggests that some investors are selling to rebuy via ETFs for tax advantages and greater flexibility. Therefore, although ETFs show turbulence, Bitcoin whale accumulation and interest in altcoins preserve a structurally bullish foundation for the digital economy.
