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Quick Take

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. Their behavior suggests some large holders are adding to their balances, even as participation elsewhere remains weak.

The report added that the same two cohorts turned to accumulation in late September, but the episode did not persist.

Two large-wallet groups break from the rest

Glassnode's seven-day observations through November 9 show two large-wallet groups accumulating while the smaller and largest groups reduce holdings.

Earlier behavior of the same two groups

Both groups had spent much of October distributing.

Both groups turned to accumulation, but that earlier episode did not persist.

Participation remains narrow, and the same two groups' late-September accumulation did not persist.

Cohort data stop November 9. Arrows show direction, not BTC quantities or ownership. BTC exchanges and miners are excluded. Historical labels are broad reported periods.

Sources

Supporting facts

Method

Categorical direction diagram from Glassnode's report text. All cohorts below 100 BTC are collapsed into one display bucket; the above-10,000 BTC cohort remains separate. No exact scores or purchase totals are inferred. The history panel compares the same two accumulating cohorts across reported periods without interpolation.

Scope

Glassnode's seven-day metric weights entity Bitcoin balance size and balance changes over the observation window, excluding exchange and miner entities.

A score near 1 indicates stronger weighted accumulation, while a reading near 0 can indicate distribution or a lack of accumulation.

The Bitcoin balance bands for wallets do not establish beneficial ownership or show whether the holders are institutions, individuals, or buyers using a particular funding source.

ETF withdrawals continue through Nov. 10

Farside's completed November sessions for spot Bitcoin ETFs show withdrawals in six of the seven trading days from Nov. 2 through Nov. 10. Withdrawals resumed after the Nov. 4 inflows and continued in every subsequent completed session shown, including Nov. 9 and 10.

The cohort score tracks weighted on-chain accumulation, while ETF flows measure net money entering or leaving those funds. Their units cannot be offset to determine whether large-wallet buying covered ETF withdrawals.

One BlackRock fund dominates Bitcoin’s billion-dollar ETF exodus

Neither dataset connects the accumulating groups to the other side of ETF redemptions, and identifying who acquired Bitcoin associated with those withdrawals would require information these measures don't provide.

A broader improvement would involve more wallet-size groups joining the Bitcoin accumulation signal, alongside sustained net ETF inflows. Those developments would strengthen the case that demand is spreading beyond the two accumulating groups.

For now, the two-cohort turn provides evidence of localized support, with the short-lived late-September accumulation showing why its persistence remains an open test.

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