Journalist
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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.
Source: X (Onchain Lens)
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 shift. BTC’s Realized Cap for new whales hit a record 45.8%, flagging higher cost-basis accumulation, and a gradual handoff of supply from OGs to newer entrants.
Source: CryptoQuant
Simply put, the 320 BTC withdrawn is just the tip of a bigger rotation.
Backing this shift, OG Bitcoin whale realized cap has slid from 60% at the $124k ATH to 54% at press time, even as BTC clawed back nearly 5% from $107k, indicating fresh capital is rotating in and soaking up supply.
According to AMBCrypto, this marks a meaningful shift in Bitcoin’s supply dynamics.
New entrants are stepping in at higher cost bases, potentially kicking off a broader accumulation phase with fresh greed starting to build.
