Spot Bitcoin and Ether exchange-traded funds (ETFs) faced a combined $1.72 billion in net outflows last week. This trend extends investor caution. According to Ki Young Ju, CEO of CryptoQuant, the outflows are due to year-end profit-taking and tax considerations. However, BTC whale accumulation and selective altcoin inflows prevented a price collapse.
The hard data shows significant selling pressure. Spot Bitcoin ETFs saw $1.22 billion in net outflows. This figure marks the third-largest weekly outflow on record. Ether ETFs, meanwhile, registered $508 million in withdrawals. BlackRock’s IBIT, a key player, alone accounted for $570 million of the Bitcoin outflows.
Research from CoinShares confirmed the pattern. Digital asset investment products saw total outflows of $1.17 billion. Geographically, the United States led the redemptions with $1.22 billion. In contrast, Germany ($41.3M) and Switzerland ($49.7M) continued to record inflows. Martin Hiesboeck of Uphold suggests some BTC holders are selling to rebuy via ETFs, seeking tax advantages.
Why did the massive ETF sell-off fail to break the $100,000 support?
Despite the ETF panic, Bitcoin’s price remained stable above $100,000. The answer lies in on-chain data from CryptoQuant. This revealed a marked redistribution of Bitcoin between October 24 and November 7. During this period, mid-sized investors reduced their accumulation. “Dolphins” (100-1,000 BTC) decreased their holdings.
On the other hand, “Great Whales” (over 10,000 BTC) more than doubled their positions. This elite cohort added a net of over 36,000 BTC. This strong BTC whale accumulation acted as a solid floor for the price. The data signals a supply transfer to stronger holders. This preserves a structurally bullish foundation for the Bitcoin blockchain.
Market sentiment was not uniformly negative. Solana (SOL) provided a clear counterweight. Solana ETFs attracted $137 million, and SOL investment products added $118 million last week. This extends Solana’s 9-week streak to $2.1 billion in inflows. Furthermore, HBAR ($26.8M) and Hyperliquid ($4.2M) also showed renewed interest. The market continues to show a divergence between U.S. ETF selling and whale accumulation.
