ETFs saw outflows for the fifth day, while major on-chain holders were buying in.
Preliminary figures show that U.S. spot Bitcoin ETFs saw about $300 million in outflows on November 11, marking their fifth consecutive trading day of net outflows. Total outflows over the five days came to about $1.44 billion—with BlackRock’s IBIT alone accounting for $270 million, or 90%. Ethereum ETFs saw about $145 million in outflows the same day, bringing the combined daily total for both to $445 million.
But on-chain data tells a different story: wallets holding large amounts have continued accumulating during the pullback, and whales holding over 1,000 coins are withdrawing them from exchanges. Glassnode’s SOPR has fallen below 1, meaning coins currently moving on-chain are being sold at a loss.
One side is redeeming, the other is buying the dip—the sellers and buyers are not the same people.
$BTC is currently at $73,439, down 0.76%, still about $290 above the 200-day moving average (around $73,150); $ETH is at $2,045, with a low of $2,035.83—just about $36 above $2,000.
The next level to watch: ahead of tomorrow, Friday’s October PPI, can whales hold the $73,150 moving average? Not investment advice.
Preliminary figures show that U.S. spot Bitcoin ETFs saw about $300 million in outflows on November 11, marking their fifth consecutive trading day of net outflows. Total outflows over the five days came to about $1.44 billion—with BlackRock’s IBIT alone accounting for $270 million, or 90%. Ethereum ETFs saw about $145 million in outflows the same day, bringing the combined daily total for both to $445 million.
But on-chain data tells a different story: wallets holding large amounts have continued accumulating during the pullback, and whales holding over 1,000 coins are withdrawing them from exchanges. Glassnode’s SOPR has fallen below 1, meaning coins currently moving on-chain are being sold at a loss.
One side is redeeming, the other is buying the dip—the sellers and buyers are not the same people.
$BTC is currently at $73,439, down 0.76%, still about $290 above the 200-day moving average (around $73,150); $ETH is at $2,045, with a low of $2,035.83—just about $36 above $2,000.
The next level to watch: ahead of tomorrow, Friday’s October PPI, can whales hold the $73,150 moving average? Not investment advice.
