Since Donald Trump's January 2025 return to the White House, the number of Bitcoin addresses holding at least $1 million has fallen from 157,563 to 132,383 by January 20, 2026. This decline of 25,180 millionaire addresses, or about 16%, occurred despite more crypto-supportive policies and followed a post-election Bitcoin rally that pushed prices above $100,000 before retracing to around $92,558 one year after his inauguration.

Crypto trader DonAlt, known for forecasting XRP's 700% surge in 2024, now argues that Bitcoin remains trapped in a "dead zone" between $85,000 and $92,000 that acts as both resistance and a liquidity trap. He suggests that failure to regain the upper band could send BTC toward $60,000 and a bear market, while a bullish scenario would require strength above current levels and could eventually target $104,000 and $150,000.

New BTC whales have become the dominant force in Bitcoin's current cycle as ownership metrics tilt toward recently active large wallets. With price slipping below $90,000 and touching $86,000 in the past day, wallets aged 6–12 months now hold over 17% of marginal supply, while newer buyers carry about $6B in unrealized losses. Older whales remain less price-sensitive around a realized price near $40,000.

Fundstrat's Tom Lee, in an interview released Jan. 20, reaffirmed a $250,000 Bitcoin target while warning 2026 could be "jagged" for crypto adoption and broader risk assets. He cited potential S&P 500 drawdowns of 10%–20% and pointed to an Oct. 10 crypto deleveraging and market‑maker fragility as key variables. Lee views major pullbacks as buying windows.

Bitcoin’s price fell from $95,500 to $87,500 within about 48 hours and has dropped by more than $10,000 since reaching a multi-month peak of $98,000 in the middle of last week. On-chain data indicates that wallets holding under 0.01 BTC sold around 132 BTC over the past 9 days, while larger “whale” and “shark” wallets with 10‑10,000 BTC accumulated 36,322 BTC, worth roughly $3.2 billion at current prices. Over the same period, gold and silver pushed to new highs, with gold nearing $4,900 per ounce and silver approaching $100.

On 21 January 2026, Delaware Life Insurance Company introduced a fixed index annuity option that adds the BlackRock U.S. Equity Bitcoin Balanced Risk 12% Index to its lineup. The product blends U.S. equities with Bitcoin exposure via the iShares Bitcoin Trust ETF while targeting a 12% volatility level and preserving principal. The index is offered within the Momentum Growth, Momentum Growth Plus, and DualTrack Income annuities, extending Bitcoin-linked growth features to retirement planning products.

Bitcoin traded around $89,400–$89,500, down 1.6% on the day and nearly 6% for the week, remaining below the $90,000 threshold. Total crypto market value slipped to roughly $3.02 trillion, while major altcoins such as Ethereum and Solana posted deeper weekly losses, reinforcing risk‑off sentiment.

Bitcoin is currently trading around $89K, directly on the $89.8K–$90K cost basis zone of short-term holder cohorts 0D–1D and 1W–1M, making this area a key on-chain support. If this band holds, it could enable market stabilization, while a break below would push both fresh cohorts underwater and increase short-term selling pressure. At the same time, STH MVRV is at 0.897 and moving toward the 0.875 lower bound of its 155-day range, a zone that has often aligned with local bottoms.