On-chain data referenced by Ki Young Ju suggests that retail investors are no longer a dominant force in the market. Activity from smaller wallets has drifted back toward long-term averages, signaling that widespread speculation and FOMO have not returned.
Retail has left Bitcoin markets and whales are buying. pic.twitter.com/5I8ev1GftT
— Ki Young Ju (@ki_young_ju) January 15, 2026
Instead of chasing crypto, much of that capital appears to have shifted into traditional markets. Stocks have drawn fresh inflows, while precious metals – particularly silver – have captured speculative attention after a powerful rally. This rotation has left Bitcoin trading without the emotional fuel that typically drives sharp rallies or deep crashes.
Whales and Institutions Quietly Take the Lead
While retail steps back, large players are steadily increasing their presence. Institutions, corporate holders, and long-term whales are absorbing supply, as shown by fewer transactions but significantly larger average order sizes. This pattern points to accumulation rather than distribution.
Institutional demand is also visible through regulated products. Spot Bitcoin ETFs recorded strong inflows at the start of the year, reinforcing the idea that professional investors are using the current consolidation phase to build exposure. At the same time, market sentiment has improved from the fear-dominated environment that followed the 2024 liquidation shock, with confidence slowly returning but without signs of euphoria.
Ju argues that this market structure lowers the risk of a sharp collapse while also limiting the odds of an immediate breakout. Without retail excess, Bitcoin appears more likely to drift sideways as ownership gradually shifts toward long-term holders.