Short-term investors lost nearly $4 billion in Bitcoin, but big players are using panic selling to accumulate.

On Tuesday, almost 16,000 BTC were added to the whale reserves, which corresponds to approximately $1.5 billion in network storage.

These numbers are reflected in institutional addresses, but many coins have yet to be delisted.

So far, this volume of spot purchases does not show a broad "buy on dip" pattern, remaining concentrated among institutional players.

A new all-time high will require more buying from both retail and institutional investors.