Bitcoin whale accumulation narrative challenged as onchain data indicates ongoing distribution and ETF outflows

On January 3 2026, research head Julius Moreno argued that Bitcoin whale accumulation is being overstated because exchange wallet shuffling is distorting onchain readings. Adjusted metrics instead point to continued distribution by large holders and declining balances in 100–1,000 BTC addresses, while Bitcoin trades just above $90,000 amid a looming volatility squeeze. Meanwhile, social media forecaster Kim predicts BTC could exceed $270,000 by February 2026 and eventually replace the US dollar by 2026, despite a history of unrealized price calls.