- Bitcoin whales accumulated 104,340 BTC while million-dollar transfers reached two-month highs recently.
- Analysis shows no clear capital rotation from gold to Bitcoin despite popular belief among investors.
- Bitcoin consolidates near $88,680 with key resistance at $95,000 and critical support around $85,000.
Large Bitcoin holders are on the move. Wallets containing at least 1,000 BTC have accumulated 104,340 additional coins recently. This represents a 1.5% increase in holdings among these major players.
Santiment reported the accumulation trend on X (formerly Twitter). The analytics platform also noted that daily transfers exceeding $1 million have climbed back to two-month highs. These metrics suggest renewed activity among institutional and high-net-worth investors.
🐳 Large Bitcoin whales are accumulating at an encouraging pace, wallets with at least 1K $BTC have collectively accumulated 104,340 more coins (a +1.5% rise). Additionally, the amount of $1M+ daily transfers is back up to 2-month high levels.
🔗 Chart: https://t.co/CJOfiOBbWU pic.twitter.com/4loxDFtUdb
— Santiment (@santimentfeed) January 25, 2026
Bitcoin Whales Drive Accumulation Trend
The accumulation pattern comes as Bitcoin trades near $88,680. Large holders appear undeterred by recent price volatility. Their buying activity contrasts with the broader market’s hesitant sentiment.
Transaction data supports the whale accumulation narrative. The surge in million-dollar transfers indicates substantial capital movement. This level of activity hasn’t been seen in two months.
Market observers view whale behavior as a potential leading indicator. When major holders accumulate, smaller investors often take notice. However, past patterns don’t guarantee future outcomes.
Gold-Bitcoin Rotation Remains Unproven
Analysis by Darkfost challenges the popular capital rotation thesis. Many investors expected money to flow from gold into Bitcoin. The data tells a different story.
Throughout this cycle, many have talked about a rotation of capital from gold into Bitcoin.
Well, those people are still waiting…
📊 This chart illustrates periods where BTC outperforms or underperforms depending on gold’s trend.
It provides two signals :
🟢 Positive = BTC >… pic.twitter.com/nKWKUry9F7
— Darkfost (@Darkfost_Coc) January 24, 2026
A comparative chart tracks both assets against their 180-day moving averages. The analysis reveals nearly equal periods of Bitcoin outperformance and underperformance. Green signals appeared slightly more often than negative ones.
This balanced distribution undermines rotation claims. Bitcoin continues developing its own path, the analyst noted. Even positive signals don’t confirm capital leaving gold for crypto.
The independence between these assets persists. Correlation doesn’t equal causation in this relationship. Investors hoping for a clear rotation pattern may be disappointed.
Bitcoin Price Action Shows Consolidation
Bitcoin rejected the mid-$90,000 zone after testing resistance. The cryptocurrency now trades in a broad sideways range. Lower highs have formed since November’s peak near $115,000.
Key resistance sits between $90,500 and $92,000. Above that, the $95,000 to $98,000 zone represents major supply. Breaking $100,000 would invalidate the current bearish structure.
Support levels anchor the range below current prices. The $88,000 to $87,500 zone provides immediate backing. Critical support exists at $85,000, with deeper levels at $80,000 to $82,000.
Technical indicators show weakening momentum. The RSI sits at 41, below the neutral 50 mark. The MACD turned bearish with red histogram bars appearing.
Market Outlook and Key Levels to Watch
Volume has declined during recent bounce attempts. This suggests weak conviction among buyers. Compressed price action typically precedes significant moves.
Three scenarios emerge from current conditions. Continued range trading between $85,000 and $95,000 appears most likely. Momentum remains subdued while markets await catalysts.
A bearish breakdown becomes possible below $85,000. That could push prices toward $82,000 or even $80,000. Confirmation would require RSI falling under 35.
The bullish case needs a clean break above $92,000. Reclaiming $95,000 would shift the outlook. Targets would extend toward $100,000 and potentially $105,000.
Bitcoin sits at a critical juncture. Whale accumulation provides one bullish signal. However, technical indicators suggest caution remains warranted. The coming weeks should reveal which force prevails.