Crypto-native whales have started buying the dip on BTC, while traditional institutions are now scrambling to sell off their BTC. During the market dip to the $58,000 low in June, crypto whale addresses across the network net purchased approximately 270,000 BTC over the past 30 days. Within 5 days of hitting the bottom, over 11,422 BTC (roughly $700 million) were withdrawn from centralized exchanges, no longer sitting on CEX accounts ready for immediate sale. In contrast, Bitcoin spot ETFs saw a cumulative net outflow of $6.4 billion over the past four weeks, and Strategy authorized a $1.25 billion Bitcoin cash-out plan to bolster USD reserves. The main holders of BTC are shifting once again.