Bitcoin wallets holding 100 to 10,000 BTC resume accumulation as US spot ETFs record another $95 million in outflows.

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.

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

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.

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