Major institutions, publicly traded companies, and large individual holders (whales) have significantly increased their crypto selling in November 2026.
However, there is no verified evidence of major sell-offs by politically linked groups.
The recent sell-off has driven Bitcoin down to around $71,300 and Ethereum below $2,000, wiping roughly $550 billion from the total crypto market cap since early October.
Institutional & ETF Outflows
Wall Street’s primary crypto investment vehicles have shifted from net buying to heavy withdrawals.
- Spot Bitcoin ETFs. U.S. spot Bitcoin ETFs recorded $1.44 billion in net outflowsover five consecutive trading sessions in early November, pushing year-to-date flows into negative territory for the first time since the funds launched in 2024. BlackRock’s iShares Bitcoin Trust (IBIT) led the withdrawals, losing roughly $1.66 billion across seven straight sessions.
- Spot Ethereum ETFs. Spot Ether funds logged six consecutive weeks of withdrawals, shedding approximately $2 billion in total.
- Publicly Traded Companies. According to blockchain analytics firm Lookonchain, 14 listed companies sold 108,247 BTC ($8.08 billion) in 2026. Major crypto miners like MARA Holdings ($3.03 billion sold) and Riot Platforms ($1.51 billion sold) drove the bulk of corporate sales to fund AI and data center expansions.
High-Net-Worth Individuals (Whales)
On-chain tracking shows that large individual holders—who had been steadily accumulating crypto earlier in the year—reversed course in November.
- Bitcoin Whales. Data from Santiment shows that large wallets sold off between 20,000 and 34,000 BTC (worth roughly $1.5 billion to $2.6 billion) during the first two weeks of November.
- Ethereum Whales. Activity among large ETH holders is mixed. While some major wallets offloaded roughly 17,800 ETH ($40 million) in early November, other large traders stepped in to buy the dip.
Politically Linked Groups & Governments
While political events are heavily influencing the market, politically linked entities are not driving the current sell-off.
- U.S. Midterm Impact. Analysts point to the Democratic sweep in the November 2026 U.S. midterm elections—alongside hot inflation data and a major Binance security breach—as a primary trigger for institutional risk-off selling.
- Politically Linked Ventures. High-profile political crypto ventures, such as the Trump family-affiliated World Liberty Financial, remain under regulatory and media scrutiny, though no major token liquidations by political campaigns or PACs have been reported.
- Sovereign Holdings. Nation-state crypto reserves have remained largely flat in 2026. The U.S. government still holds roughly 328,372 BTC, while only smaller holders like Bhutan significantly reduced their reserves earlier in the year.
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