Whale operations have significantly decreased, and the market has entered a wait-and-see period.

On the evening of January 1, 2026, on-chain data shows a significant decline in whale activity, and the overall market remains cautious and observant. According to the latest monitoring, during the period from 10:00 to 20:00 today, in the trending rebalancing movements of major whales, although both bullish and bearish camps have taken actions, overall activity levels are noticeably insufficient. This reflects the market’s uncertainty about the subsequent trend at the start of the new year.

Overview of Whale Movements

Bullish Camp Actions

There are two notable operations on the bullish side:

• Whale (0xEa6) took a long position on 11 altcoins with a principal of $8 million, with a total position value of $13.76 million, using relatively conservative leverage
• Jez-related new wallet deposited 2.06 million USDC into Hyperliquid, opening long positions on BTC, ETH, and SOL with 20x leverage

Bearish Camp Movements

There are also two operations on the bearish side:

• A whale closed a $70.72 million BTC short position with 20x leverage, taking profit of $143,800 before stopping
• Trader (0xf970f) shorted 2,000 SOL with 3x leverage, with an entry price of $124.91

The Logic Behind Market Phenomena

Why is activity reduced?

Although multiple operations are listed in the news, the judgment of “significant reduction” reflects a relative change compared to normal historical levels. On the first day of the new year, market participants tend to be more cautious, and large-scale operations indeed decrease. This phenomenon usually occurs under the following conditions:

• Market sentiment is unclear, and whales are waiting for clearer signals
• Liquidity at the beginning of the year may be less abundant than usual
• There is a lack of clear expectations for the subsequent trend

Divergence between bullish and bearish but both are cautious

Looking at specific actions, although the bulls are long on main cryptocurrencies like BTC and ETH, the scale of Jez’s deposit of 2.06 million USDC is relatively limited; while the bears have closed positions and opened new shorts, these are small-scale operations. This indicates that even professional whales currently do not have a clear directional bet.

Impact of BTC price trend

According to relevant data, BTC is currently priced at $87,838.94, down 0.92% in the past 24 hours, and only up 0.39% over the past 7 days. This weak price performance may be a key reason why whales remain cautious. With BTC accounting for 58.98% of the market cap, its uncertain trend naturally affects the overall market enthusiasm.

The Significance of the Market Waiting Period

From on-chain data, the current market features participation with limited engagement, with both longs and shorts present but not aggressive. This usually indicates a transitional phase, waiting for new catalysts or clear directional signals.

The reduction in whale activity itself is not necessarily a bad sign; it may instead reflect market rationality. During periods lacking clear direction, reducing operations and waiting for opportunities is often a wiser choice.

Summary

The on-chain evening data reflects a cautious attitude at the start of the new year. Although both bullish and bearish participants are involved, the overall scale and aggressiveness of operations have decreased, consistent with BTC’s recent weak price performance. The whale’s wait-and-see stance suggests that the current market lacks a clear consensus on direction. Future attention should be paid to whether new market catalysts emerge to break this balance. In such an environment, waiting rather than reckless trading may be a more rational strategy.