Analyst: Influenced by macroeconomic tailwinds, whales are accelerating their Bitcoin accumulation

BlockBeats News, November 13th, according to The Block, amidst this week's overall consolidation in the crypto market, Bitcoin has entered a narrow range-bound state. However, analysts point out that beneath the calm surface, a large-scale chip accumulation is taking place. Meanwhile, following the largest single-day net inflow in a month, Bitcoin spot ETFs have seen a redemption wave once again. Bitcoin spot ETFs saw outflows of around $278 million on Wednesday, Ethereum spot ETFs saw outflows of around $184 million; in contrast, Solana spot ETFs recorded a net inflow of $18.06 million.

BRN Research Director Timothy Misir stated: “Whales continue to accumulate, adding over 45,000 bitcoins this week, the second-largest accumulation since 2025.” At current prices, this is equivalent to around $4.6 billion in fund inflows. He added that this indicates that in a situation of weak fund flows and sluggish market momentum, structural positions are gradually being established. Blockchain data shows that most of these purchase behaviors are accompanied by an increase in fund transfers from exchanges to cold storage accounts, indicating institutional positioning rather than retail speculation.

After the U.S. government officially reopened this week following the passage of a long-delayed spending bill in the House of Representatives, ending a 41-day shutdown and releasing around $40 billion in delayed liquidity, it has restored some confidence in the global market, supporting what Misir described as “improvement in the macro environment and cautious optimism in risk sentiment.”