Whales have begun adding Bitcoin and Ethereum to their wallets even as the broader market shows strong signs of fear.
Their activity comes during a sharp drop in the sentiment index, which has returned to levels last seen in mid-2022.
Dormant Bitcoin Whale Resurfaces
According to Onchain Lens, a dormant Bitcoin whale became active again after a two-month hiatus. Specifically, the holder withdrew 544.25 BTC from Binance, an amount worth $49.84 million at the time of transfer. Following the withdrawal, the wallet’s total balance rose to 552.87 BTC, worth approximately $50.7 million.
New Ethereum Whale Enters the Market
Meanwhile, the activity is not limited to Bitcoin. A separate report from Lookonchain revealed that a newly created wallet tagged 0x499f pulled 5,000 ETH from Binance through five transactions completed within hours. The acquired Ethereum is valued at about $15.04 million. The wallet now contains only 5,000 ETH and 100 USDC.
Sentiment Index Drops to 3.5 Year Low
These purchases, however, stand in stark contrast to the prevailing market sentiment. The Fear & Greed Index currently sits at 10, placing it firmly in the “Extreme Fear” category. Notably, this is the lowest reading since July 2022.
Data from CoinGlass shows that the index last approached this territory during the 2022 bear market, when Bitcoin traded near $20,000.
Generally, sentiment readings of this magnitude typically attract contrarian market participants. In other words, pronounced fear can create advantageous accumulation zones, whereas pronounced greed may indicate elevated risk.
Bitcoin Extends Decline Below $100,000 Mark
Meanwhile, market prices continue to reflect the strain. Bitcoin has now traded below the $100,000 psychological threshold for seven consecutive days. At the time of writing, BTC is at $91,947, showing a modest 0.69% daily gain but a 10% loss over the past week.
Similarly, Ethereum slipped under its $4,000 support level at the end of October and has remained below it since. ETH is trading at $3,009, down 2.2% today and 12.61% over the past week.
Overall, the continued weakness suggests that broader market uncertainty remains despite whale accumulation.