Big Bitcoin holders are confident, moving $1M+ coins, hinting they’re preparing for future opportunities.
Long-time holders and medium investors are selling, putting pressure on prices despite whale accumulation.
Weak U.S. institutional demand adds caution, creating a mixed market picture for Bitcoin near $89K.
Bitcoin markets are under the spotlight as large holders, or whales, actively adjust their positions. Data from Santiment shows that wallets holding at least 1,000 BTC added 104,340 coins, a 1.5% increase. These whales now control 7.17 million BTC—the most since September 15, 2025.
Despite the market's volatility, large Bitcoin holders are exhibiting confidence, according to Santiment data. Whales are actively transferring their coins, as seen by the two-month high in transfers of more than $1 million. These investors might be getting ready for fresh market possibilities.
Santiment noted that these actions demonstrate that large investors are discreetly purchasing additional Bitcoin rather than selling. This implies that they are optimistic about Bitcoin's prospects for the upcoming months. However, not all market signs are as optimistic. While whales are holding more coins and moving large amounts, other data shows some caution, making the market’s overall picture a bit mixed.
Market Indicators Signal Caution
Even though whales are buying more Bitcoin, crypto analyst EgyHash points out some warning signs. Bitcoin’s demand chart shows that the strong buying seen in mid-2025 has turned into negative demand in January 2026. This means long-time holders are selling their coins faster than new buyers can take them, putting downward pressure on the price.
Also, the chart tracking whales’ year-over-year holdings shows they are starting to reduce their Bitcoin instead of adding more. In the past, this usually meant big investors were stepping back from the market. On top of that, data on medium-to-large investors, called ‘dolphins,’ shows they have moved from buying heavily to taking profits. This suggests that several types of investors are now selling rather than holding.
Moreover, the Coinbase Premium Index sits in deep negative territory, implying weak institutional demand from the U.S. market. “All four indicators are currently showing a bearish convergence,” EgyHash noted, emphasizing that both whales and dolphins are selling, contributing to the current $89.4K price dip.
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