Important points:
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Spot Bitcoin and Ethereum exchange-traded funds (ETFs) recorded combined outflows of $1.7 billion for the week.
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Solana and several selected altcoins continued to attract steady inflows despite the market downturn.
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On-chain data shows that large whales are accumulating BTC, which is why BTC prices are sustaining above the $100,000 level.
Spot Bitcoin (BTC) and Ether (ETH) exchange traded funds (ETFs) faced another week of heavy redemptions, sparking investor caution. From November 3 to November 7, the Spot Bitcoin ETF recorded net outflows of $1.22 billion, the third largest total weekly outflow on record, while the Spot Ether ETF recorded net outflows of $508 million, for a total of $1.72 billion.
BlackRock’s IBIT alone accounted for $570 million of Bitcoin outflows, the largest in nine months, as investors changed their positions to take year-end profits and consider taxes, according to CryptoQuant CEO Ki Yong-joo.
In contrast, the Spot Solana ETF attracted $137 million in inflows during the same period, led by Bitwise’s BSOL ETF with $127 million in inflows, highlighting a selective shift towards high-performing altcoin exposure.
A similar pattern was reflected in CoinShares Research’s broader fund data. Digital asset investment products saw a total outflow of $1.17 billion for the second week in a row, with the majority in Bitcoin ($932 million) and Ether ($438 million).
The US led redemptions with $1.22 billion, but Germany ($41.3 million) and Switzerland ($49.7 million) continued to record inflows, highlighting the regional divergence in sentiment between the US and the euro area.
Similarly, altcoins served as a counterbalance to the negative atmosphere. Solana (SOL) recorded $118 million in inflows last week, extending its nine-week inflow to $2.1 billion, while HBAR ($26.8 million) and Hyper Liquid ($4.2 million) also showed renewed investor interest.
Related: Bitcoin price eyes $112,000 liquidity gain as US government shutdown nears end
“Great Whales” accumulated 36,000 BTC
Some long-term Bitcoin holders are liquidating their positions to buy back through ETFs for tax benefits and greater flexibility, while others are reallocating to broader blockchain projects, said Dr. Martin Heasboek, head of research at Uphold.
CryptoQuant’s on-chain data corroborates this change in behavior, revealing a significant redistribution of Bitcoin holdings from October 24, 2025 to November 7, 2025. During this period, medium-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” sharply reduced their holdings from 173,982.8 BTC to 81,453.5 BTC. (Holding over 10,000 BTC) The amount held has more than doubled, with a net increase of over 36,000 BTC.
Steady accumulation by this large-capitalization company has allowed Bitcoin to establish itself above the $100,000 level. This data maintains Bitcoin’s structurally bullish long-term fundamentals despite the underlying ETF-driven turmoil, indicating a gradual transfer of supply to stronger holders.
Related article: End of U.S. government shutdown stimulates institutional investors’ buying, expect ETF “Floodgate”
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 decisions.