Bitcoin’s price action remains range-bound, continuing to consolidate below the significant psychological threshold of $90,000. While surface-level trading appears subdued, a deeper look at on-chain metrics reveals a contrasting narrative of substantial accumulation by major holders.
Institutional and Whale Activity Intensifies
Beneath the calm price movement, significant capital is moving. Blockchain data indicates that addresses holding over 1,000 BTC, often referred to as whales, have collectively added approximately 110,000 Bitcoin to their holdings over the last fortnight. This accumulation suggests these large-scale investors are using the current period of price weakness to establish or increase their positions.
The corporate buying spree continues unabated. Strategy, the company formerly known as MicroStrategy, further expanded its treasury reserves. In a series of purchases between January 12 and 18, the firm acquired an additional 22,305 BTC for $2.13 billion. This brings its total corporate holdings to a staggering 709,715 Bitcoin.
Institutional sentiment appears robust. A recent global survey found that 76% of participating institutions intend to increase their exposure to digital assets throughout 2026. Furthermore, the crypto custody specialist BitGo launched its initial public offering on January 21, successfully raising $212.8 million and marking the first crypto-related IPO of the year.
On-Chain Metrics Paint a Complex Picture
The network is currently witnessing a rise in realized losses. For the first time in over two years, Bitcoin holders are, on average, selling at a loss as of January 2026. Historically, such phases have coincided with local price bottoms in three out of four instances, potentially signaling a foundation for a future price recovery.
Should investors sell immediately? Or is it worth buying Bitcoin?
Other on-chain indicators present a mixed outlook. Metrics for daily revenue, active addresses, and new registrations saw a decline in mid-January. However, the total volume of on-chain transfers continues to show positive momentum, indicating underlying network utility.
Regulatory Developments Advance Globally
Regulatory frameworks for digital assets are progressing in several key jurisdictions. The UK’s Financial Conduct Authority (FCA) is currently gathering feedback on proposed new rules for crypto firms. The regulator aims to begin accepting license applications from September 2026, with the final regulations expected later this year.
In the United States, a Senate Agriculture Committee review of a draft crypto market structure bill is scheduled for January 27. Meanwhile, Japan has announced plans to formally classify XRP as a regulated financial product in the second quarter of 2026.
Market Sentiment and Key Levels
Current market psychology, as measured by the Fear & Greed Index, sits at 24, a reading that signifies “Extreme Fear.” Despite the underlying accumulation, prediction markets currently assign a low probability to Bitcoin surpassing the $100,000 mark during the first half of 2026. For now, the $90,000 level remains the critical resistance point to watch for any sustained bullish breakout.
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