Key takeaways:
Spot Bitcoin and Ethereum exchange-traded funds (ETFs) recorded a combined $1.7 billion in weekly outflows.
Solana and a select few altcoins continued to attract steady inflows despite market weakness.
Onchain data shows that large whales are accumulating BTC, which has kept BTC prices above the $100,000 level.
Spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) faced another week of heavy redemptions, extending a trend of investor caution. From Nov. 3 to Nov. 7, spot Bitcoin ETFs saw $1.22 billion in net outflows, the third-largest weekly total on record, while spot Ether ETFs posted $508 million in outflows, for a combined $1.72 billion.
According to CryptoQuant CEO Ki Young Ju, BlackRock’s IBIT alone accounted for $570 million of the Bitcoin outflows, its largest in nine months, as investors repositioned amid year-end profit-taking and tax considerations.
In contrast, spot Solana ETFs attracted $137 million in inflows during the same period, led by Bitwise’s BSOL ETF with $127 million, highlighting a selective shift toward high-performing altcoin exposure.
Broader fund data from CoinShares Research reflected similar patterns. Digital asset investment products saw a second consecutive week of outflows totaling $1.17 billion, dominated 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 record inflows, emphasizing the regional divergence between US and Euro-zone sentiment.
Likewise, altcoins provided a counterweight to the negative tone. Solana (SOL) recorded $118 million in inflows last week, extending its nine-week streak to $2.1 billion, while HBAR ($26.8 million) and Hyperliquid ($4.2 million) also saw renewed investor interest.
Related: Bitcoin price eyes $112K liquidity grab as US government shutdown nears end
“Great Whales” accumulate 36,000 BTC
According to Uphold’s head of research, Dr. Martin Hiesboeck, some long-term Bitcoin holders are liquidating positions to rebuy through ETFs for tax advantages and greater flexibility, while others are reallocating into broader blockchain projects.
Onchain data from CryptoQuant reinforced this behavioral shift, revealing a marked redistribution of Bitcoin holdings between Oct. 24 and Nov. 7, 2025. During this period, mid-sized investors (“Dolphins,” holding 100–1,000 BTC) sharply reduced their accumulation from 173,982.8 BTC to 81,453.5 BTC, while “Great Whales” (holding over 10,000 BTC) more than doubled their holdings, resulting in a net increase of over 36,000 BTC.
This steady accumulation by high-capital entities has helped anchor Bitcoin above the $100,000 level. The data signaled a gradual transfer of supply to stronger holders, preserving a structurally bullish long-term foundation for Bitcoin despite the underlying ETF-driven turbulence.
Related: End to US gov’t shutdown sparks institutional buying, ETF ‘floodgate’ hopes
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
