Bitcoin whales and large holders accumulated more than $3.2 billion worth of BTC in just nine days, signaling what analysts describe as a potential long-term bullish divergence, according to data from crypto analytics firm Santiment.Despite recent price weakness, onchain behavior shows that large investors — often referred to as “smart money” — are continuing to build positions while smaller retail holders exit the market.Whales buy as Bitcoin slips below $90,000Santiment reported that between Jan. 10 and Jan. 19, Bitcoin wallets holding between 10 and 10,000 BTC accumulated 36,322 BTC, valued at approximately $3.21 billion at current prices.During the same period, retail wallets holding less than 0.01 BTC sold a combined 132 BTC, worth roughly $11.6 million.“Bitcoin’s whales and sharks continue to accumulate,” Santiment said in a post on X, noting that BTC fell 4.55% in 24 hours and was trading near $89,100 at the time of publication.According to the analytics firm, this divergence between large and small holders often appears during periods of market stress — and historically has preceded stronger long-term recoveries.“Optimal conditions for a crypto breakout are when smart money accumulates and retail dumps,” Santiment said, adding that geopolitical tensions aside, the pattern is forming a long-term bullish divergence.Tariff headlines pressure price, not accumulationBitcoin’s latest pullback followed renewed tariff threats from U.S. President Donald Trump, who earlier this week floated potential trade measures against several European countries amid disputes tied to Greenland.The comments triggered a broader risk-off move across markets, pushing Bitcoin down nearly 7% at its local low.However, analysts note that while price reacted sharply to macro headlines, onchain accumulation behavior did not reverse.Last week, CryptoQuant CEO Ki Young Ju also observed that retail participation has faded, while large holders continue buying, reinforcing the view that current selling pressure is not being driven by institutions.Sentiment remains cautious as capital concentrates in BitcoinDespite whale accumulation, broader crypto sentiment remains subdued.The Crypto Fear & Greed Index printed a “fear” reading of 32, reflecting lingering uncertainty across digital asset markets.Meanwhile, the Altcoin Season Index — which measures whether altcoins are outperforming Bitcoin — registered a Bitcoin score of 29 out of 100, indicating that capital remains concentrated in BTC rather than rotating into higher-risk assets.Santiment also noted that social media discussion around Bitcoin has surged, particularly comparisons between BTC and traditional safe havens such as gold and silver, both of which hit new all-time highs amid escalating geopolitical tensions.Analysts divided on short-term price outlookWhile accumulation trends point to longer-term strength, some analysts remain cautious in the near term.Crypto analyst Will Clemente said current price structure remains uninspiring despite positive onchain signals.“Being objective, it’s tough to be excited about Bitcoin here based on price action,” he said in a post on X.Still, historical data suggests that periods marked by retail capitulation and whale accumulation often precede stronger directional moves — particularly once macro pressure eases, according to Cointelegraph.
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