Bitcoin whales add $3.17B as BTC approaches $80,000

Bitcoin's mood swing has been whiplash-fast. Analysts say sentiment flipped from "extreme pessimism" to "ultra FOMO mode" in just three days—a reversal they argue is exactly why the current setup deserves close attention. On-chain data from analytics firm Santiment shows wallets holding 10 to 10,000 BTC accumulated about 41,000 BTC since April 10, worth roughly $3.17 billion. The buying coincided with Bitcoin's run back toward $80,000, a level last seen in late January. On Wednesday, BTC briefly touched $79,330 before easing to around $77,350. Santiment highlighted the trend on X, saying Bitcoin's key stakeholders are "accumulating rapidly." By contrast, holders with less than 0.1 BTC added about 46 BTC over the same period, valued near $3.56 million—underscoring how aggressively large players are moving while retail participation remains comparatively muted. What analysts want to see next, Santiment said, is continued buying from large holders alongside profit-taking from smaller investors. The firm described that combination as one of the strongest historical signals that a longer-lasting rally may be forming, as whale behavior diverges from retail activity. Institutional demand also appears to be picking up. André Dragosch, head of European research at Bitwise, said on X that demand from large professional investors is "clearly accelerating." He pointed to U.S. spot bitcoin ETFs buying 18,991 BTC over the past five trading days—about nine times the new supply over the same window—as evidence of renewed inflows after months of uncertainty. Even so, broader market sentiment has yet to catch up. The Crypto Fear & Greed Index printed 39 on Friday, keeping the market in "Fear" territory and suggesting many investors remain cautious as Bitcoin nears a major psychological level. Santiment said a decisive move above $80,000 could help pull more traders back into the market, but it cautioned that a breakout may be more meaningful if it comes after optimism cools. Rallies built at peak excitement tend to be less durable than advances that develop more gradually. Bitcoin is up 2% over the past week, according to CoinGecko data. Featured image from MetaAI, chart from TradingView.