Bitcoin breaking above $92,000 boosts whale activity

Source: PortaldoBitcoin Original Title: Bitcoin Breaks Above US$ 92,000 Boosts Whale Activity Original Link: https://portaldobitcoin.uol.com.br/rompimento-do-bitcoin-acima-de-us-92-mil-impulsiona-atividade-das-baleias/ The decisive breakout of Bitcoin above US$ 92,000 in early 2026 was accompanied by an increase in activity from large holders, signaling a change in market participation, even as analysts project a volatile but limited price range for the upcoming quarter.

The main cryptocurrency has gained 6.3% this week and 1.7% on this Monday (5). Approximately US$ 255 million in leveraged positions were liquidated as a result of Bitcoin’s sustained upward trend, suggesting increased speculative activity.

Bitcoin’s appreciation occurs after a sideways consolidation in December and coincides with a notable shift in flow patterns to exchanges. The average size of Bitcoin deposits on top exchanges jumped to 21.7 BTC per transaction in December 2025, a 34-fold increase compared to the average of 0.86 BTC recorded at the beginning of January 2024.

“The sharp increase in the average volume of Bitcoin inflows suggests that large holders are becoming more active again, which is usually an initial sign of renewed speculation rather than retail-driven noise,” said Wenny Cai, COO of SynFutures.

Geopolitical turbulence fuels speculation

This resurgence of speculation occurs amid a significant macroeconomic event involving a US military operation. This event introduced a “strategic framework” into the market, according to a note released this Monday (5) by trading firm QCP Capital.

Analysts highlighted rumors about possible Bitcoin reserves in Venezuela and a disinflationary boost resulting from falling oil prices as factors aligning the crypto market with broader risk assets, suggesting a possible “regime change.”

However, other analysts urge caution, viewing the geopolitical development as a source of uncertainty.

“Although the incident in Venezuela does not have a direct impact on cryptocurrency prices, it makes the geopolitical situation a bit more unstable,” said Derek Lim, head of research at crypto market maker Caladan. He warned that chain reactions from the movement “could trigger fear events that will affect markets.”

Nonetheless, the consensus outlook for early 2026 remains moderate, with analysts viewing the current movement more as a recalibration than the start of an unlimited rally, with major catalysts still on the horizon.

“What we’re seeing seems more like a recalibration after weeks of contained positioning, where traders are testing the upside rather than committing aggressively,” Cai said. She expects Bitcoin to “remain within a range but volatile” in the first quarter, with direction depending on re-engagement with ETFs and institutional strategies.

Lim reinforced this sideways market view, noting that key liquidity catalysts “take time to fully materialize.” Two factors may limit upward momentum, he said: over US$ 3 billion in stablecoin capital is still on the sidelines, and stocks — which are “priced to perfection” — face the risk of a correction that could pressure the crypto market.

Despite caution, the return of large holders after a period of accumulation marks a shift in market dynamics. “Long-term Bitcoin holders are becoming liquid buyers for the first time in months,” Lim observed, suggesting a more solid foundation for prices, even within a well-defined trading range.