Bitcoin Whales Scoop Up 26,430 BTC As Price Dips Below $88,000 ⋆ ZyCrypto
The post Bitcoin Whales Scoop Up 26,430 BTC As Price Dips Below $88,000 ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Bitcoin (BTC) kicked off the week on a bearish note, extending Monday’s sharp decline into Tuesday. After briefly stabilizing above $91,000, renewed selling pressure dragged BTC to fresh yearly lows. By mid-Tuesday, the price had plummeted to $87,081, with daily liquidations surpassing $870 million, according to Coinglass data. The broader crypto market also took a hit, with total market capitalization dropping 8.9% to $3.01 trillion over the same period. Despite the downturn, Bitcoin whales seized 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. Advertisement   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 are further weighing on the market. Nic pointed to postponed tariffs against Mexico and Canada as a possible trigger for recent sell-offs. Additionally, Bitcoin’s break below its 100-day moving average, a critical historical support level, raises concerns. Based on on-chain data, he 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…
Filed under: News - @ February 26, 2025 2:19 am