The turbulent fluctuations in Bitcoin prices, coupled with the dynamics of MSTR stocks and the soon-to-be-announced MSCI decision, signal a challenging fortnight ahead for investors. Despite a brief rise in altcoins, caution remains paramount for stakeholders. While the cryptocurrency market thrives on surprises, a significant price catalyst is crucial for any swift upward momentum. Today, we delve into a commonly misunderstood whale movement data in the market.
Are Whales Buying Bitcoin?
In late 2025, a massive transfer of 800,000 BTC from Coinbase skewed on-chain metrics. Although we’ve previously discussed the details during that period, some analysts and social media platforms persist in asserting that “whales are buying Bitcoin frantically.” This notion is misguided. In his latest analysis, Darkfost highlights the ongoing misinterpretation of whale accumulation.
“The idea that ‘whales are buying’ is based on flawed analyses,” suggests Darkfost. “The metrics are distorted due to the movement of approximately 800,000 BTC on Coinbase. Despite reiterating this point, it remains widely misunderstood, leading to a plethora of incorrect signals circulating in the market. When Coinbase executed these transfers, it didn’t merely exhaust UTXOs categorized as Long-Term Holders (LTH).”
Considering the size of the transfers and the volume of related transactions, this activity influenced cohort data values.
This chart illustrates how Coinbase’s actions do not solely rely on LTH-categorized UTXOs. Given the scale of the amounts moved and the numerous transactions, the data was inevitably impacted.”
In essence, the consolidation of smaller UTXOs into larger ones following the 23rd November transfers by Coinbase has erroneously contributed to misleading signals.
Current circumstances do not reflect any significant whale activity or accumulation, with overall engagement having considerably declined. Should you encounter posts claiming “whales are buying aggressively,” consider it related to the 800,000 BTC move that occurred on 23rd November.
Current Cryptocurrency Landscape
As the US markets remain calm, Bitcoin has recuperated its position at 89,000 dollars following a rapid descent. To sustain the alent in altcoins, downward pressures need to be mitigated. Should January’s FUD have already been priced in during the preceding months, a rise—albeit struggling to persuade even the bulls—may commence. Cryptocurrencies typically account for adversities preemptively and often embark on an upward trajectory while problems unfold.
With today marking the first working day of the year, the day’s performance could dictate volatility’s trajectory over the weekend. A close above 90,000 dollars on the 2nd January could lay the groundwork for an auspicious weekend.
