Structural characterization by three complementary methods of laser diagnostics (dynamic light scattering, laser phase microscopy, and laser polarimetric scatterometry) has established that shaking of immunoglobulin G (IgG) dispersions in water and ethanol–water mixtures (36.7 vol %) results in two effects. First, it intensifies the aggregation of IgG macromolecules. Second, it generates bubbles with a size range that is different in each solvent. The aggregation is enhanced in ethanol–water mixtures because of IgG denaturation. IgG aggregates have a size of ∼300 nm in water and ∼900 nm in ethanol–water mixtures. The flotation of IgG is much more efficient in water. This can be explained by a better adsorption of IgG particles (molecules and aggregates) on bubbles in water as compared to ethanol–water mixtures. Bulk nanobubbles and their association with IgG aggregates were visualized by laser phase microscopy in water but were not detected in ethanol–water mixtures. Therefore, the nanobubble flotation mechanism for IgG aggregates acting in water is not feasible for ethanol–water mixtures.