Crypto-native whales have started buying the dip on $BTC, while it's traditional institutions that are trying every way to dump BTC.



During the market low of 58,000 in June, crypto whale addresses across the entire network net purchased approximately 270k BTC over the past 30 days.

Within 5 days of the bottom, over 11,422 BTC (worth about $700 million) were packaged and withdrawn from centralized exchanges, not left on CEX accounts for immediate selling.

In contrast, over the past four weeks, Bitcoin spot ETFs have seen cumulative net outflows of as much as $6.4 billion, and Strategy authorized a $1.25 billion Bitcoin cash-out plan to bolster its dollar reserves.

The dominant holders of $BTC are shifting again.
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