Largest Bitcoin Holders Buy the Dip with $1.28 Billion as the Fear & Greed Index Hits Rock Bottom

While Bitcoin price continues to plummet, whales are seizing the opportunity to accumulate 15,000 BTC as the Fear & Greed Index drops to an extreme low of 10. Today, Bitcoin extended its sharp decline, reaching a multi-month low just above $82,000 before recovering slightly. The asset's attempted rebound is now facing resistance at the $86,900 mark. Meanwhile, data from IntoTheBlock shows that large Bitcoin holders have been increasing their positions. Wallets holding at least 0.1% of Bitcoin’s circulating supply have accumulated nearly 15,000 BTC at prices below $90,000. This equates to approximately $1.28 billion in new acquisitions. Historically, such whale activity has coincided with periods of strong market confidence and potential price rebounds. The growing involvement of institutional investors suggests they may be positioning for a market turnaround. https://twitter.com/intotheblock/status/1895063818784420039   Notably, this massive acquisition comes amid Bitcoin's price dropping 12% over the past few days. The persistent downturn heightened market uncertainty, with many fearing the onset of a bear market. In particular, the crypto market's Fear & Greed Index currently stands at 10 out of 100, signaling Extreme Fear, the lowest level recorded since 2022. Historically, such levels have marked key price bottoms, with long-term investors viewing extreme fear as a potential buying opportunity.

Key Figures Weigh in on Market Movements Notably, public commentary from influential figures also reflects the prevailing institutional sentiment around Bitcoin. In a post on X, Eric Trump, son of U.S. President Donald Trump, commented on the crypto market downturn, urging investors to “Buy the dips.” His statement quickly gained attention among Bitcoin supporters who see corrections as buying opportunities. Michael Saylor, Executive Chairman of Strategy, described the Bitcoin price drop as a “flash sale” opportunity. Saylor also responded to Eric Trump’s remarks, emphasizing the importance of market volatility in long-term investment strategies. "Volatility is a gift to the faithful," he said. https://twitter.com/saylor/status/1894373799845372364 Analysts Assess Bitcoin’s Market Cycle While sentiment among investors and institutions remains divided, analysts continue to evaluate Bitcoin’s broader market cycle. Ki Young Ju, CEO of CryptoQuant, addressed concerns over the ongoing market downturn. According to him, it is “way too early to panic.” He noted that 30% corrections are common in Bitcoin bull market cycles, referencing the 2021 cycle when Bitcoin dropped by 53% before reaching a new all-time high. Young Ju highlighted that Bitcoin’s maximum downside in this cycle could be around $77,000, aligning with a 30% retracement from its all-time high. Additionally, he suggested that Bitcoin would only confirm entry into a bear market if it falls below the estimated miner cost basis of $57,000, as calculated on February 19.