Bitcoin's large holders are clearly showing a buying trend. According to on-chain analysis firm Santiment, the so-called 'whales' and 'sharks' have increased their holdings over the past nine days. Meanwhile, small individual investors have decreased their holding ratios, creating a noticeable contrast in the flow of funds. Santiment analyzes that this situation suggests the conditions are being set for the cryptocurrency market to transition to the next phase.
The divergence between the movements of large and small investors is becoming apparent during periods of heightened market volatility. Bitcoin's price is undergoing adjustments, having lost most of the gains made since the beginning of 2026. The market is closely watching how the movements of smart money will impact future price formation.
Institutional investors are aggressively buying Bitcoin, while individuals are withdrawing.
After a difficult end of the year in 2025, Bitcoin started the new year on a strong note. In the first five days of January, it rose by over 7%, supported by an optimistic mood across risk assets. However, this upward trend was short-lived, and market volatility quickly reignited.
Although there was a temporary rebound last week, the announcement of tariffs by U.S. President Trump targeting eight countries in the European Union reignited market uncertainty, leading the cryptocurrency market to decline again under pressure from risk assets.
According to data from BeInCrypto markets, BTC has dropped by 6.25% over the past week. Yesterday, it fell below $88,000 for the first time this year.
At the time of writing this article, Bitcoin, the largest cryptocurrency, is trading at $89,329, having fallen by 3.31% in the past 24 hours.
Despite the volatility, whales and sharks continue to accumulate. According to Santiment data, wallets holding between 10 BTC and 10,000 BTC have acquired 36,322 BTC (equivalent to $3.2 billion at current market prices) over the past nine days. This indicates that large investors have increased their holdings by 0.27%.
This accumulation trend contrasts with the behavior of retail investors. Small holders sold 132 BTC over the past nine days, reducing their total holdings by 0.28%.
Typically, this cycle involves weak investors exiting during price declines while experienced investors buy the dips.
"The best conditions for a crypto breakout are when smart money accumulates and retail moves to sell. Aside from geopolitical risks, this pattern continues to create a long-term bullish divergence," the post states.
Notably, while the smart money is increasing its purchases, the market's view on Bitcoin remains divided. Some market participants warn of further downside risks, citing signs of a bearish market for Bitcoin. On the other hand, there are voices focusing on new indicators that could support a long-term recovery.
For the time being, it will be important to see how sensitively Bitcoin reacts to global macroeconomic trends. Whether the recent downward trend will continue or regain momentum will depend on the direction of global risk sentiment.
