Bitcoin’s (BTC) early-January rally is unfolding against a mixed onchain data backdrop, where strong accumulation demand is colliding with renewed miner distribution.
Key takeaways:
Bitcoin accumulator addresses added about 60,000 BTC in six days, ending a multi-month consolidation phase.
Miners sent about 33,000 BTC to exchanges in early January, signaling reduced long-term holding.
The wider market impact hinges on whether spot demand can consistently absorb fresh sell-side supply.
Bitcoin accumulator addresses step in as price rises
CryptoQuant data noted Bitcoin accumulator addresses increasing their holdings to 310,000 BTC from about 249,000 BTC within the first six days of January. This marks a decisive shift after a consolidation period from September to December 2025, when holdings fluctuated from 200,000 to 230,000 BTC.
The timing is notable. Accumulation has accelerated alongside Bitcoin’s rebound toward the low-$90,000 range, suggesting that long-term participants are willing to absorb available supply rather than wait for deeper pullbacks.
Miners reduce exposure: Can it stall the rally?
At the same time, the Bitcoin network saw about 33,000 BTC move from miner wallets to Binance in the first six days of 2026, a relatively high figure compared to typical miner flows.
According to a QuickTake post on CryptoQuant, this behavior suggests miners are opting to de-risk after the recent price advance, a pattern that often emerges during periods of post-rally uncertainty.
Still, such selling pressure from miners alone does not automatically imply a sharp correction. The decisive factor is whether offsetting demand remains strong enough to absorb this supply without forcing prices lower.
Related: Bitcoin liquidation data points to ‘absurd’ potential rally to $100K: Analyst
BTC net taker flow, sentiment hint at stabilization
Market data leans toward a steady recovery. Binance's seven-day net taker flow sentiment recorded heavy net selling in November, averaging $2.3 billion per day, coinciding with Bitcoin’s drop toward $84,000. December marked a transition phase and by late 2025, selling pressure faded. January has now recorded seven consecutive days of mild but consistent net buying, averaging $410 million.
While buying pressure remains modest, it is significant after a sell-dominated period. This shift aligns with the Bitcoin Unified Sentiment Index returning to neutral territory for the first time since November, signaling that fear has eased even if optimism remains restrained, according to Bitcoin Researcher Axel Adler Jr.
These signals suggest Bitcoin’s rally may not be overheating, but its sustainability depends on whether steady accumulation continues to offset miner distribution in the weeks ahead.
Related: Bitcoin ETFs come into year 'like a lion’: 600% surge at current pace
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
