Bitcoin Updates: Major Holders Accumulate $260M in Bitcoin While ETFs See $799M Withdrawn

Bitcoin,

, and continued to decline in early November as both institutional and retail interest in cryptocurrencies diminished, influenced by broader economic uncertainty and changing investor attitudes. This downward movement aligned with notable withdrawals from U.S. spot ETFs and significant outflows from centralized exchanges, hinting at a possible transformation in market behavior, .

Spot

ETFs saw net outflows totaling $799 million last week, based on SoSoValue data, with BlackRock's IBIT alone experiencing $290.88 million in redemptions in a single day—the largest since early August, . Ethereum ETFs also recorded $98 million in outflows on Friday, marking a third consecutive day of losses. At the same time, $2.6 billion in Ethereum options expired on Deribit, with a put-to-call ratio of 1.91 and prices falling below the "max pain" threshold of $4,100, .

Blockchain data from Sentora indicated that both Bitcoin and Ethereum saw large-scale withdrawals from exchanges during the week ending October 31, amounting to $2.6 billion and $600 million, respectively. Such movements, often linked to whale activity, imply a preference for long-term holding over frequent trading. Lookonchain data pointed out that two new wallets withdrew 2,000 BTC ($260 million) from Binance, highlighting a trend of declining exchange liquidity,

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Technical analysis further supported the bearish outlook. Bitcoin dropped below $108,000, losing support from key moving averages such as the 50-day EMA ($112,477) and 200-day EMA ($108,373), while a "Death Cross" emerged as the 50-day EMA neared the 100-day EMA,

. Ethereum hovered around $3,700, with its RSI at 39 and the 200-day EMA providing crucial support at $3,608. Meanwhile, XRP struggled below $2.50, with open interest (OI) falling from a monthly peak of $3.66 billion to $3.49 billion, as .

Despite the recent wave of selling, Ethereum ETFs attracted $9.6 billion in new investments during Q3 2025, surpassing Bitcoin's $8.7 billion inflows. Solana's spot ETF, Bitwise's BSOL, also brought in $417 million, drawing attention amid the broader trend of crypto outflows,

. Analysts pointed out that significant Ethereum withdrawals often precede accumulation periods, suggesting possible buying opportunities ahead.

Macroeconomic influences, such as the U.S. Federal Reserve's postponed rate cuts and renewed trade disputes, intensified risk-averse behavior. Nevertheless, a trade deal between the U.S. and China in early November offered a brief lift, sending Bitcoin back toward $110,000,

. Timothy Misir from BRN commented that the market is still in a "digestion phase," but long-term bulls remain, with whales holding about 68.6% of Bitcoin's total supply.

Looking forward, the potential approval of seven U.S. spot XRP ETFs—considered 99% likely by year-end—could bring renewed demand to the market. Additionally, Ripple's XRP Ledger (XRPL) achieved 8.9% quarter-over-quarter growth in transaction volume, reaching $1.8 million, while institutional investors like SBI, with a $10 billion XRP holding, demonstrate rising corporate confidence.