Bitcoin falls below 90,000, but are the whales secretly accumulating?

Bitcoin plummeted below $90,000 overnight, yet major holders have been continuously buying in $3.2 billion over the past 9 days, indicating accumulation activity. Whether a bottom has formed remains to be seen.
(Background: Tom Lee warns the market that 2026 will start with a “painful decline,” but Bitcoin will rebound and reach new highs by the end of the year)
(Additional context: Bitcoin drops below $88,000, Ethereum falls below $3,000, U.S. stock market’s four major indices tumble, VIX index soars)

Bitcoin (Bitcoin) briefly fell below the $90,000 mark on January 19, with the lowest approaching $88,000, hitting a nearly three-month low. Although the price decline triggered market panic, on-chain data shows large holders are buying heavily against the trend.

According to Santiment Analysis tracking, from January 10 to 19, addresses holding 10 to 10,000 BTC increased their holdings by 36,322 BTC, estimated at about $3.2 billion at the average price at that time, accounting for 0.27% of the circulating supply.

During the same period, scattered addresses holding less than 0.01 BTC sold approximately 132 to 149 BTC, showing a typical transfer of chips from retail sellers to large holders.

📊 Bitcoin’s price has fallen back down to $89.4K as gold & silver continue to surge. That said, Bitcoin’s whales & sharks continue to accumulate.

🐳 Wallets with 10-10K $BTC: Accumulated +36,322 tokens in the past 9 days (+0.27%)
🦐 Wallets with under 0.01 $BTC: Dumped -132… pic.twitter.com/RnVOgVl3j2

— Santiment (@santimentfeed) January 20, 2026

Price decline continues while capital diverges

As the price drops, large holders’ holdings increase, forming a bullish divergence. Analysts believe that capital flow and price movement are gradually decoupling, which may indicate weakening bearish momentum. Future focus should be on whether trading volume and volatility also pick up.

On-chain accumulation signals are not the only bullish indicator. Statistics show that last week, Bitcoin spot ETFs recorded a net inflow of $1.67 billion, which aligns with the $3.2 billion buy volume on-chain. If institutional investors continue to add positions, short-term selling pressure may be absorbed.

Market risks and observation indicators

Industry insiders remind that some large transfers may simply be exchange wallet reorganizations, not necessarily new buying activity. Additionally, Bitcoin is still in a downtrend; if trading volume cannot increase, the rebound strength may be limited. Investors should assess their individual risk tolerance and avoid over-leverage based on single signals.

Combining on-chain data, ETFs, and technical analysis, current market signs show a concentration of chips among large holders and price divergence. Whether this can lead to a meaningful reversal still depends on macro policies, trading volume changes, and overall market risk appetite.