Key Takeaways:
- Bitcoin and Ether ETFs saw $1.7B in combined outflows.
- Whale accumulation added over 36,000 BTC during the same period.
- Solana led altcoin inflows with $137M, signaling selective investor confidence.
- Despite redemptions, Bitcoin remains structurally strong above $100,000.
Investor caution deepens as whales accumulate and altcoins like Solana draw inflows
Spot Bitcoin and Ethereum exchange-traded funds (ETFs) faced another week of heavy redemptions, signaling renewed investor caution ahead of year-end. From November 3 to November 7, Bitcoin ETFs recorded $1.22 billion in outflows, while Ether ETFs shed $508 million — a combined $1.7 billion exodus from the two largest crypto assets.
U.S. Redemptions Dominate as Altcoins Defy the Trend
According to data from CryptoQuant, BlackRock’s iShares Bitcoin Trust (IBIT) accounted for $570 million of Bitcoin’s outflows — its highest since February. Analysts attribute the withdrawals to profit-taking and tax optimization ahead of Q4 reporting.
However, the risk-off mood wasn’t universal. Solana continued to buck the broader trend, attracting $137 million in inflows led by Bitwise’s BSOL ETF. CoinShares Research confirmed the divergence, noting that while the U.S. recorded $1.22 billion in redemptions, Germany and Switzerland logged consistent inflows, underscoring regional differences in sentiment.
Also Read: Altcoin Rally: Are Privacy Coins the New Market Leaders?
Whales Step In to Soften the Blow
Despite ETF turbulence, on-chain data shows large-scale Bitcoin holders — “Great Whales” with over 10,000 BTC — accumulated more than 36,000 BTC between October 24 and November 7. In contrast, mid-tier investors (“Dolphins”) significantly trimmed their holdings.
Dr. Martin Hiesboeck of Uphold notes that some long-term holders are selling spot positions to repurchase through ETFs for tax advantages, while others are reallocating into broader blockchain projects. The net effect has been a stabilization of Bitcoin’s price above the $100,000 level, suggesting institutional support even amid short-term volatility.
Altcoin Momentum Offsets Market Anxiety
Solana’s $118 million inflows extended its nine-week streak to $2.1 billion, highlighting growing appetite for high-performing altcoins. Other projects like HBAR and Hyperliquid also saw renewed investor interest, signaling selective optimism in the sector.
Structural Bullishness Beneath the Noise
While ETF outflows reflect tactical repositioning, whale accumulation and altcoin strength indicate that long-term conviction in digital assets remains intact. As liquidity consolidates into stronger hands, Bitcoin’s resilience above $100,000 reinforces a structurally bullish foundation — even amid heightened market churn.
