The FOMO by Bitcoin is taking over whales and small investors

A change in the dynamics of the Bitcoin market (BTC) is emerging, according to on-chain data analyzed by Glassnode.

The fomo, or feeling to stay out, begins to seize both whales and – now – of small investors, Marking a possible second bullish impulse in this cycle.

The accumulation is now visible in almost the entire Bitcoin Wallet spectrum, with holders of less than 1 BTC passing from the distribution to a light accumulation index of approximately 0.55. Larger cohorts, such as those between 100 and 1,000 BTC, show an accumulation index of 0.9, while 1,000 to 10,000 BTC reach 0.85. Only the portfolios of between 1 and 10 BTC remain net seller.

An accumulation index is a metric used in the analysis of financial markets, especially in cryptocurrencies, to evaluate the behavior of the holders of an asset, such as Bitcoin, in terms of whether they are accumulating (buying or retaining) or distributing (selling). In the context of on-chain analysis, such as that provided by Glassnode, this index measures the intensity of the accumulation or distribution of BTC in different wallet cohorts, classified according to the number of currencies they possess.

Until recently, individual investors seemed to be out of this Bull Run. Data reported by cryptootics indicate that, so far from 2025, individuals registered a 247,000 BTC drop in their balances. In contrast, The market showed a tendency towards “corporatization”with companies adding 157,000 BTC to their balances. Meanwhile, governments, as well as investment funds (which include ETFs), also increased their holdings, adding 19,000 BTC and 49,000 BTC respectively.

This movement reflected a dominance of institutional actors in the market, leaving small disadvantage investors. However, Glassnode’s recent analysis suggests that retailers are gradually returning, which I could give Bitcoin the impulse necessary to achieve new historical maximums.

There is no generalized euphoria … still

Despite this change in market dynamics, “bitcoin” searches on Google, according to Google Trends historical graphic, show that there is still no generalized euphoria among the public and that the current interest remains below the peaks recorded in previous cycles, such as those of 2017 and 2021, which suggests that the market has not reached a state of overheating.

However, this metric is not necessarily correlative with the price of BTC, since the upward movements are not always accompanied by a proportional increase in searches. For example, in 2021, Bitcoin marked a close historical maximum of USD 69,000, But Google searches were significantly lower than in 2017when the price reached USD 20,000. This indicates that mass public interest is not an indispensable requirement for the currency created by Satoshi Nakamoto reaching new price peaks.

However, the Coinmarketcap’s fear and greed index positions the market in a state of greed, reflecting a growing optimism among participants. This indicator is a tool that measures the emotional feeling of the cryptocurrency market, mainly Bitcoin, to assess whether investors act out of fear (selling or avoiding risks) or by greed (buying by Fomo). It is expressed on a scale from 0 to 100, where 0-24 indicates extreme fear, 25-49 fear, 50 neutrality, 51-74 greed and 75-100 extreme greed.

This index is significant because it reflects the psychological state of the markethelping to identify possible inflection points: fear can point out undervaluation and purchase opportunities, while greed indicates optimism, but also risk of corrections in a volatile market.

In addition to the fact that the index reflects greed among investors, there are research firms such as Kaiko Research predict that this will be a moved and highly volatile quarter, which could amplify both the increases and corrections in the price of Bitcoin, potentially taking it to new roofs.

The return of retail investors, although gradual, is a key factor in current dynamics. Historically, the massive entry of small investors It has been a catalyst for significant upward movementssince its participation tends to generate a network effect that attracts more attention to the asset.

The accumulation observed in smaller wallets, according to Glassnode, could be an early sign of this phenomenon. Therefore, if this trend is consolidated, Bitcoin could find the necessary support to break key resistancessuch as the USD 106,000 or USD 109,000, and continue its upward trajectory in this cycle.

On the other hand, the participation of institutional actors remains a fundamental pillar. The accumulation of 157,000 BTC by companies in 2025 demonstrates that Corporations come to Bitcoin as a viable value reserveespecially in a context of global economic uncertainty.

The ETFs, with an increase of 49,000 BTC, also reflect a sustained interest by investors that prefer indirect exposure to the asset. And governments, although with an accumulation less than 19,000 BTC, are not far behind, indicating that Bitcoin is gaining acceptance in more traditional spheres.

Could the dynamics be balanced?

Now, the recent change, with small holders again accumulate, could balance this dynamic and return to the market a more inclusive character. Light accumulation in wallets less than 1 BTC, although modest, It is an indicator that the feeling among retailers is changing.

This scenario combines optimism with caution, since An increase in retail participation could accelerate the rallybut also increase the probability of corrections if the FOMO leads to impulsive purchases.

The combination of these factors positions Bitcoin at a crucial moment of its current cycle. The return of small investors, together with the sustained accumulation of whales and institutional interest, Create a favorable environment for a second upward wind.