Institutions Accumulate Over $1 Billion in BTC and ETH Through Private Channels in November 2025

Large institutional buyers acquired more than $1 billion worth of Bitcoin and Ethereum via over-the-counter channels during November 2025 despite declining prices. Data show one address accumulated nearly 40,000 ETH while Anchorage Digital received 4,094 BTC—approximately $405 million—from major OTC desks. The private accumulation contrasted with spot ETF outflows totaling $869 million for BTC and $260 million for ETH during the same period.