Volatility Expands, But Bitcoin Whales And Sharks Aren’t Selling — They’re Buying More

bitcoinistPublished on 2026-01-22Last updated on 2026-01-22

Abstract

Bitcoin briefly reclaimed $90,000 amid ongoing price fluctuations, but large holders (whales and sharks) are accumulating more BTC instead of selling. According to Santiment, addresses holding 10–10,000 BTC added 36,322 BTC over 9 days, signaling strong confidence. In contrast, smaller "shrimp" wallets sold over 132 BTC. This divergence—where smart money buys while retailers sell—is often a bullish indicator. Meanwhile, Bitcoin's Risk Index rose near "High Risk" levels, and the price is testing key support at $89,200. A hold could lead to a push toward $99,000, while a break may trigger a drop to $84,500.

Bitcoin briefly reclaimed the pivotal $90,000 price mark once again after a brief bounce, but volatility still lingers around the largest cryptocurrency asset. During the ongoing volatile landscape, investors appear to have found a new niche, and that is buying BTC at a significant and fast rate.

Large Bitcoin Holders Are Buying In The Noise

The ongoing market volatility may have significantly impacted the Bitcoin price direction, but this is not the same for investors’ sentiment and activity. In the current bearish state, BTC investors are now sending a clear bullish signal, especially as indicated in the activity of the largest holders.

Sentiment observed among BTC large holders has shifted toward buying once again. According to research shared by Santiment, a leading on-chain data analytics platform, whales and sharks continue to accumulate more BTC even as market volatility intensifies.

During the ongoing bearish market, BTC’s price fell back to the $89,400 level, and assets like Silver and Gold experienced a steady spike. Instead of being shaken out by the pullback, these high-net-worth investors are persistently building positions, indicating a great level of confidence beneath the surface.

When these key investors start to buy BTC at a rapid rate again while the broader market signals caution, it is often viewed as a strategic move or repositioning ahead of a potential price spike. This kind of behavior is typically seen during transitional phases.

Source: Chart from Santiment on X

Data shows that wallet addresses holding between 10 and 10,000 BTC have purchased an additional +36,322 BTC, representing an over 0.27% rise in the past 9 days. Should this renewed buying pressure from big investors continue, it is likely to play a role in determining BTC’s next major move as it reshapes its supply and price dynamics.

While whale investors steadily add to their positions, wallet addresses holding 0.01 BTC have been dumping to the noise. This group, regarded as shrimp holders, has offloaded over 132 BTC within the same timeframe, indicating a -0.28% drop.

Santiment highlighted that it is considered an optimal condition for a crypto breakout when smart money accumulates, and retailers dump. In the absence of a geopolitical issue, this pattern continues to demonstrate a long-term bullish divergence.

Risk Around BTC Is Becoming High

Following the bearish reaction on Wednesday, the Bitcoin Risk Index metric experienced a surge, reaching the 21 level and hovering just below the High Risk zone at level 25. This uptick suggests that the continuation of the consolidation phase is highly likely and will be bolstered by the massive high-risk environment seen over the past few months.

Despite the surge, the market is still technically in a low-risk environment, and buyers are struggling to hold the pivotal support level at $89,200. At this level, the market is presented with two different scenarios.

The first, which is the bullish scenario, tells that BTC could undergo a clear push toward $94,800 and possibly $99,000 if $89,200 support holds in the short term. Meanwhile, in the bearish scenario, a continued consolidation below the support level driven by sellers would cause a drop to $84,500, marking the next line of defense for buyers.

BTC trading at $89,883 on the 1D chart | Source: BTCUSDT on Tradingview.com

Related Questions

QAccording to the article, what are Bitcoin whales and sharks doing despite the current market volatility?

ADespite the current market volatility, Bitcoin whales and sharks are buying and accumulating more BTC, indicating strong confidence and a bullish sentiment.

QHow much Bitcoin have wallet addresses holding between 10 and 10,000 BTC purchased in the past 9 days?

AWallet addresses holding between 10 and 10,000 BTC have purchased an additional 36,322 BTC in the past 9 days, representing a 0.27% rise.

QWhat is considered an 'optimal condition for a crypto breakout' as highlighted by Santiment?

ASantiment highlighted that an optimal condition for a crypto breakout is when smart money (whales and sharks) accumulates, and retailers (small holders) dump their assets.

QWhat are the two potential price scenarios for Bitcoin if the $89,200 support level holds or breaks?

AIf the $89,200 support holds, Bitcoin could push toward $94,800 and possibly $99,000. If it breaks, continued consolidation could cause a drop to $84,500.

QWhat happened to the Bitcoin Risk Index metric following the bearish reaction, and what does it suggest?

AFollowing the bearish reaction, the Bitcoin Risk Index metric surged to the 21 level, just below the High Risk zone at 25, suggesting a high likelihood of the consolidation phase continuing.

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