"Bitcoin Whales Accumulate $2.35B in Massive Buying Spree Amid Market Downturn"

Bitcoin (BTC) prices dipped below $88,000 on Tuesday, triggering a buying spree among large investors, known as whales, who scooped up approximately 26,430 BTC worth around $2.35 billion. Despite the broader crypto market experiencing a downturn, with total market capitalization dropping 8.9% to $3.01 trillion, Bitcoin whales saw the opportunity to accumulate more BTC.

Analysts from IntoTheBlock revealed that large holders acquired approximately $2.35 billion worth of Bitcoin within hours of the drop. "Whales are buying. 26,430 BTC just flowed into whale accumulation addresses, often linked to OTC deals and long-term custody," the analysts tweeted.

Bitcoin's latest dip coincides with multiple factors contributing to selling pressure. Crypto analyst Nic highlighted that ETF outflows have been significant, with cumulative withdrawals reaching $649 million so far this week. He suggested that a slowdown in institutional "cash and carry" trades may also be adding to the pressure. Macroeconomic uncertainties, such as postponed tariffs against Mexico and Canada, are further weighing on the market. Bitcoin's break below its 100-day moving average, a critical historical support level, raises concerns. Based on on-chain data, Nic suggested that BTC could find support for around $71,600, aligning with the lower standard deviation of the short-term holder (STH) cost basis.

Former BitMEX CEO Arthur Hayes also shared his outlook, attributing the drop to ETF sales and hinting at a further downside for Bitcoin. "Bitcoin goblin town incoming: Lots of $IBIT holders are hedge funds that went long ETF short CME futures to earn a yield greater than where they fund, short-term US treasuries," Hayes tweeted. "If that basis drops as $BTC falls, these funds will sell $IBIT and buy back CME futures. These funds are in profit, and given basis is close to UST yields, they will unwind during US hours and realize their profit. $70,000 I see you".

However, other analysts remain cautiously optimistic. On Monday, Darkfost from CryptoQuant noted that the 30-day retail demand indicator has returned to the neutral zone at 0%, a shift