#HighlightPosts#  Market Sentiment Turns Greedy in April: Bitcoin Whales Increase Accumulation

The cryptocurrency market is experiencing a significant shift in investor sentiment this month. The recovery in Bitcoin’s price has created a ripple effect in demand from large investors to small investors.
Bitcoin has rebounded by 25% from its lows in early April. On-chain data and updated forecasts from industry experts offer insights into the sustainability of this rally.
Market Sentiment Turns From Fear to Greed
According to the data, the Fear and Greed Index rose from 18 to 72 in April. This is the highest level since February and indicates a clear shift from fear to greed.
Meanwhile, other data shows a slightly different picture. It moved from extreme fear to neutral, rising from 15 to 52 points. While the two indices differ, both confirm a significant shift in investor sentiment. Investors have moved beyond the fear that usually triggers panic selling.
This neutral or greedy mindset is paving the way for more optimism. If it continues, the market could reach a state of extreme greed before a major correction occurs. This sentiment shift has revealed five divergent signals that support the potential for continued recovery for both Bitcoin and altcoins.
Bitcoin Accumulation Spreads from Large to Small Wallets, Shows Positive Outlook
On-chain data shows that whale accumulation helped Bitcoin stay above $93,000 in the last week of April.
The chart shows a clear transition from the distribution phase (marked in red) to the accumulation phase (marked in green) in April. This timing coincides with Bitcoin’s recovery from its monthly low.
In particular, Bitcoin whales holding more than 10,000 BTC are accumulating at near-perfect levels. Trend Accumulation Scores are around 0.9.
Following the whales, wallets holding 1,000 to 10,000 BTC gradually increased their accumulation scores in the second half of April. Their scores reached 0.7 as the chart color changed from yellow to blue. Other wallet levels are also showing signs of accumulation, reflecting the changing sentiment among small whales.
“So far, the big players have joined this rally by buying,”
A recent report also highlighted that Bitcoin ETFs saw inflows of $2.68 billion last week. These ETFs saw positive inflows for five consecutive days. These metrics confirm that demand is returning and pave the way for further price increases.
Updated Bitcoin Estimates.
The $5.8 trillion asset management giant reports that Bitcoin supply on exchanges has fallen to its lowest level since 2018, leaving only about 2.6 million BTC remaining.
Bitcoin Balance on Exchanges.
It was noted that more than 425,000 BTC have left exchanges since November 2024. Public companies have added almost 350,000 BTC since the US elections and are buying more than 30,000 BTC per month in 2025. This trend is expected to continue.
“We have seen that the supply of Bitcoin on exchanges has decreased due to public company purchases—this is expected to accelerate in the near future.”
Meanwhile, it updated its Bitcoin price forecast in its 2025 report. In its most optimistic scenario, Bitcoin could reach $2.4 million by 2030—much higher than its previous estimate of $1.5 million.
This forecast is based on several factors: increasing institutional investment, the possibility of countries considering Bitcoin as a strategic reserve asset, and its growing role in decentralized finance.
While fund managers have a positive outlook for April, some individual investors are starting to become cautious. The “sell in May” idea is starting to emerge, reflecting concerns that the market could be strongly affected in the near future due to unpredictable macroeconomic factors such as tariffs and interest rate changes.