2026-01-04 11:20:42

2026 marks a pivotal moment for the crypto market at the start of the year. The return of traditional capital is quite evident—US spot Bitcoin and Ethereum ETFs recorded a total net inflow of $645.8 million on their first trading day, the largest single-day inflow in months. Among them, the Bitcoin ETF alone accounted for $471.3 million, hitting a new high in the past 35 trading days.

Market analysis suggests that the logic behind this capital inflow is clear: institutional investors, after completing tax-loss harvesting in Q4 2025, are repositioning and increasing their holdings. This seasonal capital rotation is almost a familiar theme in the crypto market, but the rapid appearance of such a large single-day inflow so early in the year indicates strong market enthusiasm.

Meanwhile, on-chain whale activity is also sending signals. Chainlink(LINK) was increased by whales on the first day of the new year, with a scale of about $4.46 million. Historically, LINK has averaged over 26% gains in January each year, suggesting whales may be betting on seasonal trends playing out as expected.

However, not all tokens are favored by whales. Ethena(ENA) was sold off by whales for about $4.2 million, supported by fundamentals—its total locked value has plummeted over 56% since October 2025. Conversely, Pendle(PENDLE) shows an interesting contrast; despite technical charts looking less optimistic, whales bought roughly $1.42 million against the trend, possibly following certain "smart money" indicators.

It’s also important to note that, despite optimism, the market remains cautiously moderate. The total cryptocurrency market cap is around $3.19 trillion, still with considerable room below previous highs, and the altcoin heat index remains low. The Fear and Greed Index stays in the "Fear" zone, indicating that market sentiment is not overly optimistic. This situation appears more like the beginning of a structural rebound rather than the start of a full-blown bull market. While investors focus on hot opportunities, they should also remain alert to potential volatility driven by macroeconomic data.

BTC0,11%

ETH-1,21%

LINK-0,86%

ENA-1,56%

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RugDocDetective

· 01-07 08:07

Wait, a whale is buying PENDLE against the trend? Is this guy really rich or just a daredevil... --- LINK's average increase in January was 26%? Why did I miss it last year? I'm really stunned. --- Is a net ETF inflow of 640 million considered enthusiasm? Come on, that's nothing compared to last year. --- ENA dropped 56% and people still dare to touch it? This whale might be just bottom fishing or stop-loss hunting, nothing mysterious. --- The total market cap is still far from the high point. Don't be fooled by this initial inflow. --- Interestingly, the fear index is still in the "Fear" zone, indicating that big players are not that optimistic either—they're just pretending. --- Seasonal rotation theories are heard every year, but when have they ever really been useful... --- PENDLE being bought by whales against the trend—this must be "smart money" betting on some positive news? Keep a close eye on it. --- The story of institutional tax selling and subsequent inflow sounds like an excuse; in reality, who knows the true logic. --- The low popularity of altcoins indicates that the real bull market has not arrived yet.

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BlockBargainHunter

· 01-07 04:07

The pace of institutional bottom-fishing is really fast, but I still have some doubts... How long can 6.45 billion last in a day? LINK is about to surge again in January, I already got burned once by this trick last year. ENA was directly halved by 56%, who would still dare to buy in... Whale buying PENDLE is really outrageous, the chart is already black and they are still throwing money in, are they trying to be leek buns? The high point is still so far away, don’t be fooled by the 600 million figure. The fear index is still low, indicating that the market is not that optimistic at all, this is just a prelude to a rebound. Macro data just came out and it’s going to dive again, I think I’ll wait and see for now.

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BearEatsAll

· 01-04 22:53

Whales are already starting to buy the dip so quickly... Feels like this year is going to take off. Older sisters following smart money to buy PENDLE, I just pass directly. The technicals don't look good, and you still dare to buy? ENA has fallen from October to now, and you still dare to touch it. Is it because there's too much money? Wait, a net inflow of over 600 million in a single day is considered a big event? I feel it's still a bit fake. But speaking of which, LINK's January pattern is really clever. It did the same last year too. The total market cap is still far from the high point, don't rush to go all in, everyone. Is this a rebound or the real starting point? Let's wait for macro data to speak.

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On-ChainDiver

· 01-04 11:50

Whales started bottom fishing on the first day of the New Year, the rhythm is incredible... I bet LINK can run up 26% this wave. ENA plummeted 56%, and people are still buying. How much can they gamble? The fear index is still at a low point, indicating that the real celebration hasn't started yet. After institutional tax orders are placed, they come back to sweep the market. This tactic has been effective for so many years... That counter-trend buy-in during PENDLE was really something; need to study how "smart money" is judging. Wait, 3.19 trillion is still far from the high point. What kind of market are we in?

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LonelyAnchorman

· 01-04 11:46

64.58 billion inflow at the start, are the whales just following the trend or do they have real insight? ENA was hammered this round, the decline clearly indicates a problem. LINK up 26% in a month? I bet my money I don't believe that. Repositioning after tax sales, this kind of rhetoric happens every year. Why be afraid? Anyway, we're still far from the high point. A structural rebound sounds quite grandiose. What are the whales buying PENDLE for? Just looking at the chart makes me want to run. Is there still room for 3.19 trillion? What about our coin? The fear index is still low, indicating that smart money is still waiting.

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ShibaMillionairen't

· 01-04 11:32

Wait, the charts show that the whale's purchase of PENDLE isn't optimistic, yet they still dare to go against the trend? You must really trust your "smart money" indicator. The tax season rebound routine happens every year, and this year it came even more aggressively. ENA has dropped 56%, and there are still people holding on, truly... deserved. The total market cap is still far from the high point, don't rush to open the champagne.

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MissedTheBoat

· 01-04 11:32

64.58 billion is really here, but I still missed out haha Whales are eating meat, I'm drinking soup, this is the gap ENA plummeted 56%, is this what you call "fundamentals"? I just laughed LINK up 26% in January? I don’t believe you, they said the same last year The fear index is still low, indicating that smart money hasn't fully entered the market yet Structural rebounds have made my ears calloused, when will there be a full bull market Institutions are increasing their positions, retail investors are still hesitating about whether to get in, this is the reality Seasonal capital rotation and such, sounds sophisticated but actually it’s just the retail investors paying tuition When macro data comes out, the market gets chaotic; it's better to watch whale movements for real insights A new high in 35 trading days can't save my missed opportunity soul

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ser_ngmi

· 01-04 11:26

Honestly, 640 million in single-day inflow sounds impressive, but it's still early for a real bull market. ENA plummeted 56%, I really can't hold on anymore; I need to think about how to stop the bleeding. Are whales betting on the January market with LINK? I feel like there's a bit of a gambler's mentality. The fear index is still in the "fear" zone, indicating that smart money hasn't fully entered the market yet. That contrarian buy of PENDLE... frankly, I don't quite understand it; it feels like throwing a tantrum. The 3.19 trillion is still far from the all-time high; don't be fooled by the initial prosperity.

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