Bitcoin is in the midst of a significant whale accumulation phase as investor sentiment has increasingly turned bullish on the market. Recent data indicates that nearly $10 billion in Bitcoin, untouched for 14 years, has resurfaced, signaling potential shifts in long-term investment strategies. This news comes on the heels of Bitcoin’s historic rally, breaking above $100,000, increasing investor appetite and activity.
The cryptocurrency market is feeling the impact of heavier activity from big-time investors, better known as whales. Over the past year, major players have moved 12,000 BTC onto exchanges. This would imply they are setting themselves up strategically as a future profit-taker or capital redistributor. Historically, these transfers have been a pretty good marker of upcoming selling pressure, and the market is intently monitoring this flow.
Another important indicator of market sentiment, the Fear and Greed Index, has seen a remarkable surge into optimistic territory. The 30-day moving average of this index has climbed to 66, a sign of investor confidence. On this measure, things are looking up. That’s still not quite a return to the extreme greed of 75–80% seen at the market tops in March and December 2024. The Market Fear and Greed Index is scored between 0—extreme fear—and 100—extreme greed—with higher scores reflecting greater overall market optimism.
Past glassnode on-chain data proves a direct correlation between whale accumulation and distribution and the Bitcoin price cycle. Whale-to-exchange movements spiked to 16,000 BTC in late 2024 when Bitcoin first crossed the $100,000 mark. That same trend is their urging with March 2025 and most recently July, when Bitcoin dances around $120,000. Current whale flows around 12,000 BTC per day are still well below last year’s top levels.
There are a few possible explanations for what may be causing this abnormal whale activity. Large investors are hedging their portfolios and positioning themselves ahead of expected regulatory developments. On top of that, they are cashing in on those recent gains by realizing profits. The Fear and Greed Index’s 80th percentile rank puts where we are at historically – high, yes, but not too hot to handle.
