Bitcoin (BTC) holders accumulated 110,000 BTC in January 2026, the largest monthly increase since the FTX collapse in November 2022, according to Glassnode data.
The buying occurred as Bitcoin dropped from $97,000 to $82,000, falling 30% from October's $126,000 all-time high.
Wallets holding 1,000 or more Bitcoin added 104,340 coins in recent weeks, bringing total whale supply to 7.17 million BTC, the highest level since mid-September 2025, according to Santiment.
Meanwhile, retail wallets containing under 0.01 BTC sold 132 Bitcoin worth approximately $11.66 million during the same period.
The divergence creates historical patterns that preceded extended consolidation phases rather than immediate rallies. Bitcoin fell 6.4% on January 29 to $83,383 before declining further to $81,000 on January 30 amid Fed Chair nomination speculation.
What Happened
Mid-sized holders controlling 10 to 10,000 Bitcoin accumulated approximately $3.21 billion between January 10 and January 19, Santiment reported. The "Fish-to-Shark" cohort now controls nearly 6.6 million coins, up from 6.4 million two months earlier.
Whale addresses holding 1,000 to 10,000 BTC gained 46,000 coins in early January, turning the one-year net change positive for the first time since November 2025, CryptoQuant data showed. This followed a record 220,000 BTC decrease over the prior year and a sell-off of approximately 161,294 BTC ($15 billion) throughout 2025.
Bitcoin spot ETFs recorded $1.137 billion in net outflows over five consecutive trading days from January 20-26, the heaviest weekly exodus since early January. Three major products accounted for approximately 92% of total exits, suggesting institutional repositioning rather than retail panic.
The accumulation occurred during severe market stress. Bitcoin tumbled through its 100-week simple moving average near $85,000 on January 29, breaking support that held for nine consecutive weeks since November. Over $1.68 billion in leveraged positions liquidated within 24 hours, with long positions accounting for 93% of forced exits.
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Why It Matters
Historical whale accumulation patterns do not guarantee immediate price recovery. Similar buying phases preceded extended consolidation periods where prices remained range-bound for months before significant moves. The 110,000 BTC January increase exceeds the previous high of 46,000 BTC gained during early 2023's recovery from FTX.
Retail participation declined to 2026 lows while large holders accumulated, creating divergence that typically precedes major market shifts. However, timing remains uncertain as new whale cohorts face approximately $6 billion in unrealized losses, making the market more vulnerable to volatility.
The 100-week moving average breakdown removes a critical support level. Traders now watch $75,000 as the next major support zone, where buyers stepped in during April 2025's tariff-related decline. A sustained move above $95,000 would be required to restore bullish momentum.
Bitcoin's correlation with traditional risk assets remains intact. The asset declined alongside gold's 10% reversal from $5,600 to $5,200 on January 29, failing to act as the "digital gold" hedge many expected. Capital rotated into precious metals during geopolitical tensions rather than cryptocurrencies.
Exchange whale activity on Binance reached elevated levels in January, with the indicator climbing to its highest point since November. This pattern typically associates with active position management where large holders hedge volatility or rotate capital between instruments while maintaining long-term core holdings.
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