The cryptocurrency market is facing an unusual situation as it enters the last period of 2025. While the Bitcoin price has been stuck in a narrow band for months, on-chain data shows that large investors are turning this stagnation into an opportunity. During the same time period, traditional safe havens gold and silver attract attention by showing a much stronger performance compared to Bitcoin. This divergence contains important signals in terms of understanding capital rotation in the markets and investor psychology.
What On-Chain Data Says: Major Wallets Are on the Move
According to Glassnode data, there was a significant increase in net purchases of addresses holding 100 to 1,000 BTC in the last months of 2025. This group of investors, called “Sharks,” increased their balances while the Bitcoin price was hovering near cycle peaks, creating a new peak in total supply. Some analyzes have suggested that whales collected approximately $23.5 billion worth of Bitcoin during this period.
Still, the charts point to an aggressive accumulation rather than a stable distribution during the period in question. Of course, factors such as reorganization of exchange wallets or address consolidation of custody services may affect the data. However, the overall picture suggests that the long-term prospects of large investors remain strong. This outlook shows that “smart money” is taking positions in an environment where small investors remain cautious.
Gold and Silver Are Shining, Why Is Bitcoin Lagging?
Price comparisons over the last six months reveal that traditional commodities have a clear advantage over cryptocurrencies. While gold gained approximately 38 percent in value, silver literally rallied with an increase of over 100 percent. In contrast, Bitcoin declined by approximately 17 percent despite its market value approaching $1.8 trillion. This shows that investors are turning to safer assets in a period when global uncertainties increase.
In addition to this picture, another development draws attention with the fact that inflows to spot Bitcoin ETFs in the USA have increased again in recent weeks. Net inflows seen in some funds reveal that corporate interest has not completely disappeared and demand continues on the infrastructure side despite price pressure. From a technical perspective, Bitcoin is stuck between $85,000 and $92,000 after a sharp pullback from the peak above $110,000. According to experts, such long-term squeezes usually herald a strong movement.
To summarize all this information, current data shows that although Bitcoin seems to have lost its appeal in the short term, a different story is being written behind the scenes. When the accumulation of large investors, institutional interest on the ETF side and technical squeeze are evaluated together, the next move of the market is critical. Although the strong performance of gold and silver casts a shadow for Bitcoin, changes in direction in cryptocurrency markets often occur at unexpected moments.
