Key Takeaways

Bitcoin is seeing fresh whale rotation and higher cost-basis accumulation—could this mark the start of a new bullish accumulation phase?

Bitcoin’s [BTC] resilience keeps showing up in the Fear and Greed Index. 

Since BTC’s April FUD, the metric has twice bounced off the 40 baseline.

Simply put, every dip into “fear” has been met with swift buy-ins that reset sentiment back to neutral, right where accumulation typically fires up. 

Adding weight to that narrative, a fresh wallet on the 11th of September scooped 320 BTC ($36.45 million) straight off Gemini. Notably, that fixes its cost basis near $113k, in step with a three-point lift in the index.

Simply put, it’s a signal of fresh capital rotating into Bitcoin. 

Why is that key? BTC just weathered three consecutive weeks of sustained sell pressure from dormant OG whales. The $124k ATH in mid-August triggered a heavy distribution phase, sending the price down to $107k. 

Now, with new whale wallets absorbing volatility and layering in a thick bid wall, Bitcoin’s supply dynamics are shifting. That shift could be the trigger for the Fear and Greed Index to finally break into “extreme greed.”

Whale flows reset Bitcoin’s supply curve

The new wallet move flipped Bitcoin risk-on.

The Fear and Greed Index ticked up to 47, while BTC printed a 0.13% intraday move and settled into the $114k band, putting the wallet at a 1.06% unrealized gain on its cost basis.

But step back, and this flow ties into a broader structural shif

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Author: Ritika Gupta