Bitcoin News Today: Whales Hoard $260M Bitcoin as ETFs Bleed $799M in Outflows

Bitcoin, Ethereum, and XRP extended their downward trend in early November as institutional and retail demand for crypto assets waned, driven by macroeconomic uncertainties and shifting investor sentiment. The selloff coincided with significant outflows from U.S. spot ETFs and large-scale withdrawals from centralized exchanges, signaling a potential shift in market dynamics, FXStreet reported.

Spot Bitcoin ETFs recorded $799 million in net outflows last week, according to data from SoSoValue, with BlackRock's IBIT alone shedding $290.88 million in a single day—the largest redemption since early August, a Yahoo Finance report noted. Ethereum ETFs also faced outflows of $98 million on Friday, extending a three-day bearish streak. Meanwhile, Ethereum options saw $2.6 billion in expirations on Deribit, with a put-to-call ratio of 1.91 and prices trading below the "max pain" level of $4,100, TradingView noted.

On-chain data from Sentora revealed that both Bitcoin and Ethereum experienced substantial outflows from exchanges in the week ending October 31, totaling $2.6 billion and $600 million, respectively. These withdrawals, often associated with whale activity, suggest investors are prioritizing long-term storage over active trading. Lookonchain data highlighted two newly created wallets withdrawing 2,000 BTC ($260 million) from Binance, underscoring a trend of reduced exchange liquidity, NewsBTC reported.

Technical indicators further reinforced bearish sentiment. Bitcoin traded below $108,000, losing key moving averages like the 50-day EMA ($112,477) and 200-day EMA ($108,373), with a "Death Cross" forming as the 50-day EMA approached the 100-day EMA, TradingView reported. Ethereum hovered near $3,700, with its RSI at 39 and the 200-day EMA acting as a critical support at $3,608. XRP, meanwhile, faced pressure below $2.50, with open interest (OI) declining from a monthly high of $3.66 billion to $3.49 billion, as Bitget reported.

Despite the short-term selloff, Ethereum ETFs still attracted $9.6 billion in inflows during Q3 2025, outpacing Bitcoin's $8.7 billion. Solana's spot ETF, Bitwise's BSOL, also saw $417 million in inflows, drawing attention amid broader crypto outflows, TradingView reported. Analysts noted that Ethereum's large withdrawals often precede accumulation phases, hinting at potential buying opportunities.

Macroeconomic factors, including the U.S. Federal Reserve's delayed rate-cut timeline and renewed trade tensions, exacerbated risk-off sentiment. However, a U.S.-China trade agreement in early November provided a temporary boost, pushing Bitcoin back toward $110,000, The Block reported. Timothy Misir of BRN noted that while the market remains in a "digestion phase," structural bulls are still active, with whales controlling ~68.6% of Bitcoin's supply.

Looking ahead, the approval of seven U.S. spot XRP ETFs—99% likely by year-end—could inject fresh demand into the market. Additionally, Ripple's XRP Ledger (XRPL) saw 8.9% quarter-over-quarter growth in transaction volume, reaching $1.8 million, while institutional holdings like SBI's $10 billion stake in XRP highlight growing corporate confidence.