60K Bitcoin Absorbed by Accumulators as Miners Send BTC to Exchanges: Will the Rally Stall?

Bitcoin’s early January rally is proceeding amid a complex backdrop of on-chain data, where strong accumulation demand is meeting renewed miner distribution. Accumulator addresses added around 60,000 BTC in just six days, breaking a multi-month consolidation phase. This marks a significant shift in buying behavior following a period of cautious accumulation.

Meanwhile, miners have sent approximately 33,000 BTC to exchanges, notably Binance, in the first days of January. This suggests a de-risking strategy after the recent price surge. Analysts note that this behavior often emerges during periods of post-rally uncertainty, as miners look to lock in profits.

The market remains closely watching whether spot demand can continue to absorb this fresh sell-side supply without triggering a pullback. On-chain data suggests that while there is buying pressure, it remains modest compared to previous cycles. The stability of Bitcoin’s price recovery depends on whether institutional and retail buyers can offset this increased miner activity.

Why the Move Happened

Bitcoin’s accumulation by long-term holders has increased alongside the price rebound into the low-$90,000 range. This suggests that participants are willing to absorb available supply without waiting for deeper corrections. The timing aligns with a broader stabilization in the market, as selling pressure from November has eased.

On the other hand, miners’ decision to move BTC to exchanges points to a strategic shift. The behavior indicates a de-risking approach after the price recovery, which is not uncommon following sharp rallies. This has raised questions about whether the current momentum can be sustained.

How Markets Responded

Market sentiment appears cautiously optimistic. Binance’s seven-day net taker flow recorded seven consecutive days of mild but consistent net buying, averaging $410 million. This is a shift from November, when heavy net selling averaged $2.3 billion daily and Bitcoin dropped toward $84,000.

Bitcoin’s price has moved up nearly 6% year-to-date, with institutional interest rebounding. ETF inflows saw a notable increase of $471 million on January 2, 2026, marking a break from the outflows seen at the end of 2025. This suggests a renewed appetite for risk, particularly among institutional investors.

What Analysts Are Watching

Analysts are closely monitoring whether the early-2026 momentum can be sustained. Bitwise CIO Matt Hougan has identified three key conditions that must hold for the crypto rally to continue. One of these, the risk of forced liquidations, has already diminished, as fears around large market maker wind-downs appear to have eased.

The next key test is the progress of U.S. crypto legislation. The Clarity Act’s markup is expected in mid-January. The outcome of this legislative process is seen as a critical milestone for regulatory clarity and institutional adoption.

Finally, a sharp selloff in the broader equity market could pose a risk to crypto’s momentum. While prediction markets currently show low recession odds, the interplay between equity conditions and digital asset performance will remain a key area of focus for investors.

The early 2026 rally is unfolding with mixed signals. While accumulation remains strong, miner distribution adds pressure to the market. The path forward will depend on whether institutional and retail demand can continue to absorb the increased supply and whether regulatory and macroeconomic conditions support further growth.