Bitcoin whales and sharks bought $5.3B in BTC as retail sold, signaling bullish supply shifts and stronger large-holder demand.
Bitcoin has started the new year with a clear signal from the market’s biggest players.
A fresh Bitcoin report from Santiment now shows that whales are buying the dip. While smaller investors are walking away to lock in minor profits, “smart money” is doing the exact opposite.
Since the middle of last month, whales and sharks have grabbed over $5.3 billion worth of Bitcoin. This aggressive accumulation happened while the price mostly moved sideways.
Bitcoin Outlook Bullish as Large Holders Drive Demand
The division between large and small investors is striking. According to Santiment , whales and sharks are entities holding between 10 and 10,000 BTC.
The analytics platform also notes that since mid-December, this group has added exactly 56,227 BTC to their collective stash.
During this same window, retail traders with less than 0.01 BTC have been exiting their positions. These smaller players often act on fear, believing the recent price jump is a “bull trap.”
📊 Crypto markets typically follow the path of key whale & shark stakeholders, and move the opposite direction of small retail wallets. In our chart below:
🟥 Whales dumping, Retail accumulating (VERY BEARISH)
🟧 Whales dumping, Retail unpredictable (BEARISH)
🟨 Whales & Retail… pic.twitter.com/yoC0H1keBT— Santiment (@santimentfeed) January 5, 2026
However, large stakeholders tend to lead the market. When they accumulate during a flat period, it creates what experts call a bullish divergence.
This pattern marked what many consider the local bottom for this cycle. Even though the price stayed rangebound between $87,000 and $94,000, the underlying structure appears to be strengthening.
By Monday, Bitcoin has tapped a seven-week high of $94,800 on Coinbase. This move confirms that the pressure from whale buying is finally starting to move the needle.
Massive Supply Redistribution Under the Hood
Beyond simple buying and selling, the way Bitcoin is distributed across the network is changing.
On-chain analyst James Check noted that a massive redistribution of supply occurred recently. The “top-heavy” supply share fell from 67% to 47% in a very short time. This means that coins are moving from people who bought near the top to more stable, long-term hands.
Bitcoin is kicking off 2026 with a rally to $94k, but the real story is the massive supply redistribution happening under the hood.
– Top-heavy supply has rebalanced from 67% to 47%.
– Profit-taking has dropped off a cliff.
– Futures markets are seeing a short-squeeze, but… pic.twitter.com/5Xqvx5cKyT— _Checkonchain (@_checkonchain) January 6, 2026
Historically speaking, when supply is less top-heavy, the market is less likely to face a sudden crash from panic sellers.
Profit-taking has also “dropped off a cliff” among long-term holders. This indicates that those who have survived the recent volatility are not interested in selling at current levels.
They are likely waiting for much higher targets. Futures markets are also seeing a short-squeeze, where people betting against Bitcoin are forced to buy back their positions.
Despite this action, the overall leverage in the market is still low. This is a healthy sign, as it means the current rally is driven by spot buying rather than risky debt.
Related Reading: Bitcoin Whale Buying Claims Overstated, Onchain Data Shows
Geopolitical Shifts and Market Volatility
External events are also a part of this. The capture of Venezuelan President Nicolás Maduro by U.S. forces continues to affect the general crypto market.
Particularly, Bitcoin reacted by climbing above $93,000 on Monday. Some analysts also believe that geopolitical tension pushes investors toward “outside” assets like Bitcoin.
There is also heavy speculation regarding Venezuela’s alleged Bitcoin holdings. Some reports show that the country holds hundreds of thousands of coins. While these events don’t change Bitcoin’s code, they do increase trading volume and public interest.
The combination of global uncertainty and strong on-chain data creates a unique environment.
Traders are now balancing technical levels with real-world news. The result is a market that feels more mature and liquid than in previous years.