"On chain data paints a mixed picture. According to BGeometrics, the number of whales holding between 1,000 and 10,000 BTC is near its highest level since November at 1,930, though it briefly reached 1,949 on December 31 At the same time, humpbacks holding more than 10,000 BTC continue to decline, down to 85, signalling that accumulation at the very top remains weak."
"ETF flows echo that fragility. US spot bitcoin ETFs attracted 1.155 billion dollars of inflows in the first two trading sessions of the year, but that was followed by 243 million dollars of outflows, according to SoSo Value. This stop start pattern suggests that part of the demand is driven by tactical trades and arbitrage rather than sustained allocation. Derivatives positioning reinforces that view."
Bitcoin slipped for a second consecutive session after five days of gains, failing to hold above the $93,000 level. The pullback reflects fragile rally dynamics, with price action sensitive to liquidity shifts and seasonal factors rather than conviction buying. Liquidity signs improved tentatively but remained uneven, causing upside momentum to fade when short-term positioning crowded. January seasonality historically supports equities and can bolster risk assets. On-chain data shows more whales holding 1,000–10,000 BTC while holders above 10,000 BTC declined to 85. US spot ETF flows showed large early inflows followed by outflows, and futures open interest rose toward $143.5 billion.
Read at London Business News | Londonlovesbusiness.com
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