Recently, large holders with holdings between 1,000 and 10,000 BTC have been extremely active in January 2026—those towering blue bars on the chart are proof, representing the total amount bought by big players over the past 30 days. This round of accumulation is the most aggressive in recent years.

This is a bit strange. Whales are aggressively scooping up chips, yet the BTC price is still bouncing around near $95,000, with no significant upward surge?

The reason isn't complicated. First, those with billions in funds simply won't use regular exchanges—doing so would quickly push the price higher, making it impossible to quietly accumulate without attracting attention. They use OTC (Over-The-Counter) trading(OTC) to quietly move assets in ways that the market can't detect. Second, at this stage, it's like laying the foundation of a building. The foundation needs to be solid before the structure can rise. Although the current price hasn't taken off yet, the support at the bottom is at a different level.

However, it must be acknowledged that some analysts point out that there might be some false signals—part of the "massive" volume could come from internal fund transfers within exchanges, just to make the accounts look good, and not necessarily all new buying. But regardless, the key message is one: the key players haven't run away; instead, they are increasing their positions. This shows they are very confident about the market outlook for 2026.

Once the foundation (the big players' cost zone) is so solid, short-term fluctuations can't break through. After whales have eaten their fill, they need some time to digest. When the exchange's coins are moved around by them, the real violent surge will happen. Currently, the price remains stagnant, which just indicates that the big players are quietly accumulating. The biggest risk is getting shaken out just before dawn.