Bitcoin Whales Accelerate Exchange Activity in Early 2026 Amid Increasingly Fragile Liquidity

On-chain data for early 2026 indicates that Bitcoin whales are increasing their activity on exchanges, evidenced by the All Exchanges Whale Ratio (EMA14) hitting a ten-month high. This suggests whales may be preparing to take profits by using the current market recovery as an exit opportunity. This potential selling pressure is amplified by increasingly fragile market liquidity, as spot trading volume for Bitcoin and altcoins has dropped to its lowest level since November 2023. This thin liquidity means moderate selling could trigger large downside moves, potentially ending the recent market rebound. Furthermore, on-chain activity, reflected by transaction fees and the mempool, is at record lows, suggesting weak capital inflows. While some analysts anticipate a short-term pump due to liquidity hitting a local bottom, the longer-term outlook is bearish, with price corrections toward $90,000 and $88,500 being anticipated.

(Source：BeInCrypto)