Large Bitcoin holders, often called "whales," have significantly increased their holdings, accumulating 104,340 BTC in recent weeks. According to blockchain analytics firm Santiment, wallets holding at least 1,000 BTC now control 7.17 million BTC, the highest level since mid-September 2025. This accumulation coincides with a surge in large transfers valued at $1 million or more, which have reached a two-month high, indicating heightened activity from institutional and wealthy investors.
Parallel to this on-chain accumulation, major traders on the Bitfinex exchange are placing aggressive bullish bets. Data shows long positions on the platform have spiked to new cycle highs, a move interpreted as a strong signal of confidence from experienced market participants. Analysts suggest this whale activity often leads broader market momentum, pointing to a potential preparation for an upward breakout.
The buying is not uniform across all investor classes. While whales and mid-sized wallets (holding 10 to 10,000 BTC) were net buyers, adding roughly $3.21 billion worth of Bitcoin between January 10 and 19, smaller retail wallets were net sellers, offloading approximately 132 BTC worth around $11.66 million. This divergence highlights a strategic accumulation by larger, potentially more informed players.
Despite this underlying strength, Bitcoin's price action has remained subdued, trading around $87,730 with a weekly loss of roughly 5.4%. The market faces headwinds from macroeconomic and geopolitical tensions, including heightened US-Iran tensions and a high probability of a US government shutdown, which continue to suppress risk appetite and create a mixed trading environment.
