According to data from Santiment, wallets holding between 10 and 10,000 BTC — commonly described as “smart money” — accumulated a total of 36,322 BTC between January 10 and January 19. At current market prices, this accumulation is valued at approximately $3.2 billion.

Notably, this buying activity occurred while Bitcoin was trending lower, highlighting a growing disconnect between price movement and on-chain behavior.

Buying Continues Despite the Pullback

Bitcoin fell by 4.55% over the past 24 hours, briefly dipping to around $89,110. Despite the decline, Santiment reported that whale and “shark” wallets continued to add to their holdings.

This pattern suggests that large players are prioritizing longer-term position building rather than reacting to short-term volatility. Historically, periods of heightened uncertainty have often coincided with similar accumulation phases in on-chain data.

Retail Investors Move the Other Way

The most striking aspect of the current setup is the sharp directional split between large holders and retail participants. Wallets holding less than 0.01 BTC sold a combined 132 BTC during the same period. While the dollar value of roughly $11.66 million appears modest, the directional signal is hard to ignore.

As Bitcoin retreated toward the $89,400 level, traditional safe havens like gold and silver continued to test new highs. Even so, on-chain metrics indicate that large Bitcoin holders have not shifted into distribution mode.

Santiment data shows that wallets holding between 10 and 10,000 BTC increased their balances by 0.27% over the last nine days, while sub-0.01 BTC retail wallets reduced exposure by 0.28%. Excluding geopolitical noise, the platform associates this pattern with longer-term bullish divergences in crypto market structure.

Santiment also notes that the simultaneous presence of smart money accumulation and retail selling tends to increase the probability of upside divergence. However, the timing of such moves remains notoriously difficult to predict.

Tariff Rhetoric Weighs on Price

As for why Bitcoin has struggled to regain momentum, macroeconomic and political factors appear to be playing a decisive role. Comments from Donald Trump regarding potential tariffs on Europe, alongside renewed rhetoric tied to Greenland, added pressure to risk assets.

Following these remarks, Bitcoin briefly dropped by nearly 7%. Yet large wallets remaining active on the buy side has made the gap between price action and on-chain behavior increasingly visible.

The Market Remains Cautious

The Crypto Fear & Greed Index currently sits at 32, reflecting elevated levels of investor anxiety. A similar picture emerges from the Altcoin Season Index, which stands at 29 out of 100. Capital rotation into altcoins remains limited, suggesting the market is still heavily Bitcoin-centric.

Analysts Remain Divided

CryptoQuant CEO Ki Young Ju has pointed out that retail investors appear to have largely stepped away, leaving accumulation activity dominated by whales.

Meanwhile, analyst Will Clemente argues that current price action has failed to generate meaningful excitement around Bitcoin. The ongoing divergence between on-chain signals and market behavior suggests that the broader directional bias has yet to fully resolve.

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Whales Are Back

According to Santiment, large wallets holding between 10 and 10,000 BTC have collectively accumulated 32,693 BTC since January 10. This represents a 0.24% increase in their holdings and marks the highest accumulation level in two months.

Meanwhile, micro investors holding less than 0.01 BTC have sold a total of 149 BTC over the same period, reducing their balances by 0.30%. This divergence—whales buying steadily while small investors exit—is a key driver behind Bitcoin’s recent rally.

Retail Hesitant, Whales Steady

Santiment notes that retail investors remain skeptical of the mini-rally, while whales’ consistent accumulation creates favorable conditions for a bull market scenario.

Market sentiment paints an interesting picture: although prices are rising, negative social media comments have reached a 10-day high. Retail caution persists, a familiar pattern for experienced traders.

BTC Derivatives Support the Rally

Derivatives data also reinforce this steady rise. Analyst Axel Adler Jr. highlights that the Bitcoin Position Index climbed to 3.5 this week, surpassing a critical level not seen since October. Open positions and funding rates indicate that the surge is steady rather than sudden.

Crucially:

• Open positions and funding rates remain moderate.

• This rally is more organic than past “pump-and-dump” episodes.

• The market interprets it as a controlled return of risk appetite.

In short, while Bitcoin consolidates near the $98K mark, the real story unfolds on-chain. All eyes are now on when this whale-driven accumulation phase will push BTC toward the $100,000 psychological level.

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Strategy’s Bitcoin Accumulation Approach

One of the most common claims in the crypto space is that Strategy’s large-scale Bitcoin purchases push the price higher. However, according to Jajodia, this is not the case. The company carefully structures its buying process to avoid market impact. “We manage our Bitcoin purchases in proportion to market liquidity. That way, we don’t drive the price up,” he explained.

Since 2020, Strategy has been consistently accumulating Bitcoin and now holds 629,376 BTC, valued at roughly $70.85 billion. One of the main ways companies make such large acquisitions without affecting the price is through private OTC desks instead of public exchanges.

Market Reactions to Large Purchases

Data shows that Bitcoin’s price doesn’t always move in the same direction after Strategy’s acquisitions. For instance, between November 18–24, the company purchased 55,000 BTC at an average of $97,862 each. Shortly after, in December, Bitcoin rallied above $106,000 to reach a new all-time high.

In contrast, after buying 21,021 BTC on July 29, the price dropped nearly 4% within four days, falling to $113,320 by August 2. This mixed behavior indicates that Strategy’s purchases don’t have a clear one-way effect on the Bitcoin market.

Strategy Corporate Treasurer: “We’re Buying Bitcoin Nonstop”

Jajodia also emphasized that Strategy adjusts its buying speed depending on market conditions but remains active almost all the time. “If the price is going down, we can take the opportunity to move faster,” he said.

Meanwhile, Michael Saylor has repeatedly stressed that he buys Bitcoin regardless of price. On May 22, he posted: “I only buy Bitcoin with money I can afford to lose.” Later in 2024, he pledged to keep stacking Bitcoin no matter how high the price climbs.

Strategy’s aggressive Bitcoin strategy continues to attract attention from institutional investors while keeping the crypto community focused on its every move.

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The company made this purchase at an average unit price of $118,622. CEO Simon Gerovich stated that the average cost of all the company’s Bitcoin acquisitions to date is $101,030. This average demonstrates how disciplined the firm’s Bitcoin strategy has been. 

According to Bitcointreasuries data, this move has made Metaplanet the seventh-largest public company in terms of Bitcoin holdings. The company is ranked just below Trump Media & Technology Group. 

*Metaplanet Acquires Additional 780 $BTC, Total Holdings Reach 17,132 BTC* pic.twitter.com/0gw3HwpUCH

— Metaplanet Inc. (@Metaplanet_JP) July 28, 2025

Target for 2027: 210,000 BTC, or 1% of Total Supply 

Metaplanet launched its Bitcoin accumulation strategy in April 2024 and updated it last month with a new goal. By the end of 2027, the company aims to hold 210,000 BTC — equivalent to 1% of the total Bitcoin supply. 

This bold strategy is not limited to portfolio size. The firm has also generated strong revenue from its Bitcoin-focused business model. In Q2 2025, Metaplanet reported revenue of 1.1 billion yen (approximately $7.6 million), marking a 42.4% increase compared to the previous year. 

Moreover, this financial growth has been reflected in the company’s share performance. Following the news, Metaplanet’s stock price rose by 5.6% to 1,247 yen. As of midday Monday, the stock has gained 258.3% year-to-date, delighting investors. 

Bitcoin Price Surge Multiplied Gains 

Since the beginning of 2025, Bitcoin’s price has risen more than 60%, reaching $119,404. As a result, Metaplanet’s return on BTC investments has soared to 449.7%. The total cost of the company’s BTC purchases stands at around $1.73 billion, yet the current value exceeds $2 billion. 

Meanwhile, Metaplanet’s aggressive strategy is attracting attention across traditional investment circles. Interest from Nasdaq, Wall Street firms, and innovative crypto players signals a broader transformation underway.

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$7 Dividend and 5,000 BTC if Lawsuits Are Won

On Thursday, Genius Group’s board approved a distribution plan in case of successful outcomes from two major lawsuits. One of them, a RICO lawsuit against LZGI International, seeks $750 million in damages. The other is yet to be filed.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

CEO Roger Hamilton stated that the company expects to claim at least $262 million based on 2023 data, which is likely to rise after including figures from 2024 and 2025.

“The Board believes that 100% of any proceeds from these cases should benefit shareholders.” said Hamilton.

If both lawsuits are won, half of the proceeds will be distributed to shareholders via a special dividend of $7 per share, and the other half will be used to buy approximately 5,000 BTC, based on current market prices.

Ongoing BTC Accumulation Strategy

On June 17, Genius Group had already increased its BTC reserves by over 50%, aiming to eventually hold 1,000 Bitcoin. The company had previously faced a temporary ban from raising funds for BTC acquisitions, which has now been lifted.

Legal Outcomes Uncertain

While the plan signals strong support for digital asset adoption, Genius Group emphasized that lawsuit outcomes and resulting payouts are not guaranteed.

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BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), became the fifth highest capital-attracting ETF in U.S. markets in 2025. Since the beginning of the year, the fund has attracted over $9 billion in investments. Especially in recent months and weeks, it has garnered significant interest. In just four weeks, the fund received $6.5 billion in new capital. Investors are moving away from traditionally low-yield instruments toward Bitcoin ETFs with high growth potential. The leadership of a global financial giant like BlackRock supports positive expectations for the sector’s future. 

Eric Balchunas states that BlackRock is currently the second-largest Bitcoin holder in the world, trailing only Bitcoin’s creator, Satoshi Nakamoto. If BlackRock continues accumulating Bitcoin at this pace through its ETF, it is expected to become the largest Bitcoin holder by next summer. 

IBIT’s success is largely attributed to its low management fee and strong security measures. The fund’s management fee is set at just 0.25%, making it highly competitive compared to similar funds. Furthermore, its partnership with Coinbase Prime ensures top-level security for digital assets. BlackRock’s extensive investor network and institutional infrastructure boost IBIT’s market liquidity, enabling investors to buy and sell the fund with ease. Data from Thomas Fahrer shows that IBIT has received a total inflow of 2,705 BTC worth $287.5 million. 

Comparison of IBIT and Other Bitcoin ETFs 

Besides IBIT, there are various Bitcoin ETF options in the market. One of the most well-known is the Grayscale Bitcoin Trust (GBTC), managing about $10 billion in assets. However, its management fee is quite high at 2.0%. Additionally, GBTC is not a spot Bitcoin ETF. Therefore, significant discrepancies may arise between the market price and the fund’s net asset value (NAV), creating disadvantages for investors. 

On the other hand, the ProShares Bitcoin Strategy ETF (BITO) and Valkyrie Bitcoin Strategy ETF are futures-based funds with different structures. These funds invest in Bitcoin futures contracts. Unlike spot Bitcoin, futures-based ETFs can show price inconsistencies from time to time. Additionally, the volatility of these funds is generally higher compared to spot Bitcoin ETFs. Their management fees are around 0.95%. 

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