Bitcoin whales switch to buying amid ‘extreme fear’ describes a countercurrent change in the activity of large BTC holders during a panic wave in November 2025; according to data, while sentiment recorded ‘Extreme Fear’ values, whales shifted from massive selling to strong accumulation. The movement conditions price dynamics and suggests an institutional bet on dip buying.
In November 2025, the Crypto Fear & Greed Index reached extreme readings: 10, 11, 15, 23, and 27, levels that coincide with historical capitulation episodes. Bitcoin touched lows below $100,000, with specific references to $89,550 and $93,800, and the total crypto market capital fell below $3.3 trillion. These metrics framed a phase of pronounced stress and capitulation.
Selling from listed vehicles and other institutional hands was significant: net outflows from Bitcoin and Ethereum totaled $1.7 million (sic in source) and Bitcoin ETFs experienced a withdrawal period of $2.04 million in six days. In parallel, a first wave of whale sales reached around $4 billion during a weekend, including the liquidation of 29,400 BTC at a loss, a fact that aggravated the fall and accelerated retail liquidation.
Whale Accumulation and Possible Effects
Despite outflows and retail capitulation, major actors changed strategy towards accumulation. The number of wallets containing at least 1,000 BTC rose to 1,436, and the aggregate holding of these whales grew from 4.88 million BTC to more than 5.1 million since August 2025. Addresses classified as ‘accumulators’ bought more than 375,000 BTC (approx. $3 billion) in 30 days; a single whale made purchases of $247 million, and total estimated accumulation reached approximately $4.6 trillion. These figures reflect a pivot from net selling to strong accumulation.
Bitcoin’s correlation with the Nasdaq 100, close to 0.80, indicates that the asset has synchronized more with traditional markets, reducing its hedging function in the short term. However, concentrated buying pressure in large positions acts as a buffer: it absorbs sales and can establish a price floor that moderates additional falls. ‘Buy when there’s blood in the streets’, historically attributed to Baron Rothschild, summarizes the contrary logic applied by these wallets: acting in the phase of maximum fear to capture long-term value.
Whale accumulation can anticipate a recovery if retail panic subsides, but also concentrates volatility risk if these large positions decide to rotate or liquidate en bloc.
The transition from sales to purchases among whales during the ‘extreme fear’ episode shows a clear divergence between institutional and retail behavior; their purchases have reinforced market resilience against ETF outflows and widespread panic.
This pattern suggests that investors with greater resources see opportunities in the fall, although it leaves intact the uncertainty about synchronization with traditional markets.
