The major Bitcoin dolphins are aggressively buying as the price falls below $92,000. On-chain data shows large investors are adding BTC, and exchange supply has dropped to a 7-year low.
The big question now is simple: What do dolphins know that others don't know?
Large-scale Bitcoin accumulation by major investors
According to on-chain data at the beginning of January 2026, large Bitcoin investors drastically reduced their selling and entered strong accumulation.
Since December 17, wallets with balances between 10,000 and 12,000 BTC have added a total of 56,227 BTC. At the same time, large wallets with over 1,000 BTC have added approximately $5 billion in Bitcoin since mid-December.
Recently, Lookonchain also reported that three large wallets, likely linked to the same whale, bought 3,000 BTC, worth nearly $280 million, in just 10 hours, evidencing aggressive buying activity.
Adding to this trend, wallets that have held Bitcoin for over 155 days have stopped selling for the first time since July 2025, a sign of growing confidence in the market.
Conversely, retail wallets with less than 0.01 BTC have been making profits, demonstrating that the supply of Bitcoin is migrating from small holders to large investors.
The supply of Bitcoin on exchanges is declining as BTC is being stored on offline servers.
In addition to accumulation by large investors, the supply of Bitcoin on exchanges has fallen to about 13.7%, one of the lowest levels since 2018. At Binance, balances are even more restricted, close to 3.2%.
In just the last seven days, 21,400 BTC left the exchanges. In recent months, over 200,000 BTC, valued at nearly $18 billion, have been transferred from exchanges to long-term storage.
This sharp decline in available supply reduces selling pressure and tightens the market, even with the price remaining stable around $92,000 to $93,000.
Institutions are discreetly accumulating BTC
BlackRock CEO Larry Fink recently stated that sovereign funds are gradually buying Bitcoin, increasing their exposure at prices close to $80,000, $100,000, and even above $120,000.
Although spot Bitcoin ETFs are also showing a steady accumulation, rather than large spikes, inflows remain slow and consistent, indicating a long-term positioning rather than a fleeting euphoria.
The price structure of Bitcoin signals long-term strength.
Even with Bitcoin trading above $93,000, on-chain demand still appears weak, indicating that a stronger recovery is needed before the price can safely approach $100,000.
On the weekly chart, Bitcoin is forming a long consolidation pattern, often called a "cup with handle," which usually signals slow accumulation by large investors.
From a technical point of view, the price is slowly rising. Cryptocurrency analyst Jelle predicts a new high towards $94,500. If Bitcoin surpasses this level, the path to $100,000 may open up more easily.