Bitcoin Updates: Major Holders Accumulate $260M in Bitcoin While ETFs See $799M Withdrawn
- Bitcoin, Ethereum, and XRP fell in early November amid waning demand, ETF outflows ($799M for Bitcoin), and $2.6B in exchange withdrawals linked to whale activity. - Technical indicators showed bearish signals: Bitcoin below key EMAs, Ethereum near $3,700 support, and XRP's open interest declining as pressure mounted. - Despite short-term selloffs, Ethereum ETFs saw $9.6B Q3 inflows, while structural bulls controlled 68.6% of Bitcoin supply, hinting at potential accumulation phases. - Macroeconomic risks
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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,
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,
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,
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,
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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