Key points to remember:
- Spot Bitcoin and Ethereum exchange-traded funds (ETFs) saw a total of $1.7 billion in weekly outflows.
- Solana and a few select altcoins continued to attract steady flows despite market weakness.
- Onchain data shows that large whales are accumulating BTC, which is keeping BTC prices above the $100,000 level.
Spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) faced another week of massive redemptions, continuing a trend of investor caution. From November 3 through Friday, spot Bitcoin ETFs saw $1.22 billion in net outflows, the third-largest weekly total on record, while spot Ether ETFs saw $508 million in outflows, for a total of $1.72 billion.
According to Ki Young Ju, CEO of CryptoQuant, BlackRock’s IBIT alone accounted for $570 million of Bitcoin’s outflows, the largest in nine months, as investors repositioned amid year-end profit-taking and tax considerations.
In contrast, Solana spot ETFs attracted $137 million in inflows during the same period, led by Bitwise’s BSOL ETF with $127 million, highlighting a selective shift toward exposure to high-performing altcoins.
Broader fund data from CoinShares Research reflected similar trends. Digital asset investment products saw a second straight week of outflows totaling $1.17 billion, led by Bitcoin ($932 million) and Ether ($438 million).
The United States led redemptions with $1.22 billion, while Germany ($41.3 million) and Switzerland ($49.7 million) continued to see capital flows, highlighting the regional divergence between U.S. and Eurozone sentiment.
Likewise, altcoins provided a counterbalance to the negative tone. Solana (SOL) saw $118 million in inflows last week, extending its nine-week streak to $2.1 billion, while HBAR ($26.8 million) and Hyperliquide ($4.2 million) also saw renewed investor interest.
Related: Bitcoin Price Eyes $112,000 Cash Seizure as US Government Shutdown Ends
“Great Whales” accumulate 36,000 BTC
According to Martin Hiesboeck, head of research at Uphold, some long-term Bitcoin holders are liquidating their positions to buy back via ETFs to gain tax benefits and greater flexibility, while others are repurposing to broader blockchain projects.
Onchain data from CryptoQuant reinforced this change in behavior, revealing a marked redistribution of Bitcoin holdings between October 24 and November 7, 2025. During this period, medium-sized investors (“Dolphins,” holding 100 to 1,000 BTC) sharply reduced their accumulation to 81,453.5 BTC from 173,982.8 BTC, while “Great Whales” (holding over 173,982.8 BTC). 10,000 BTC) more than doubled their holdings, resulting in a net increase of over 36,000 BTC.
This constant accumulation by high-capital entities has helped anchor Bitcoin above the $100,000 level. The data signaled a gradual shift in supply toward stronger holders, preserving a structurally bullish long-term basis for Bitcoin despite the underlying turbulence caused by ETFs.
Related: End of U.S. Government Shutdown Triggers Institutional Buying, Hopes for ‘Flood Gate’ for ETFs
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
