Bitcoin ETF Outflows Reach $1.88 Billion as Holder Accumulation Narrows

Bitcoin (BTC) showed diverging demand signals as only two holder cohorts accumulated over seven days through Nov. 9, while U.S. spot Bitcoin ETFs recorded $1.8775 billion in net outflows across eight sessions through Nov. 11.

The figures cover different activity and periods. The holder measure tracks cohort balance behavior over seven days through Nov. 9, while the ETF totals cover completed U.S. trading sessions from Nov. 2 through Nov. 11. They do not establish that the cohorts bought Bitcoin connected to ETF redemptions.

The seven-day Accumulation Trend Score combines a cohort’s balance size with changes in its balance. The measure excludes exchange and miner entities; readings near 1 indicate accumulation, while readings near 0 indicate distribution or no accumulation. Scores above 0.5 were limited to entities holding 100 to 1,000 BTC and those holding 1,000 to 10,000 BTC.

All other wallet-size groups were reducing balances, including entities holding less than 1 BTC and more than 10,000 BTC. The score does not state how many coins the two accumulating cohorts bought or identify their owners. The same cohorts had reduced holdings for much of October, and their return to buying in late September did not persist.

U.S. spot Bitcoin ETFs posted net outflows in seven of the eight sessions. Nov. 4 was the only session with an inflow, at $74.6 million. Outflows then ran for five consecutive sessions beginning Nov. 5; the Nov. 11 outflow was $299.8 million, following $95 million on Nov. 10.

The same holder-cohort signal alongside ETF flows through Nov. 9 appeared in earlier coverage. The Nov. 11 session extended the outflow streak to five sessions.