Bitcoin remains caught between macro pressure and on-chain developments as traders try to assess the next major move. CryptoQuant founder Ki Young Ju said recent loss-driven selling resembles the pattern seen at the start of the 2022 bear market, suggesting that, based on 30-day data, the market may already be in a bearish phase. After CryptoQuant’s sell signal, Bitcoin dropped to $88,500 before recovering above $90,000, helped in part by improved risk sentiment following NVIDIA’s rebound.
Macro events continue to shape crypto sentiment
The near-term outlook remains tied to macro headlines. The source article points to an upcoming interest-rate decision and continued attention on tariff-related developments. Recent comments from Donald Trump on Canada, China, and geopolitical tensions have added to concerns that trade issues will remain active in the policy narrative. For crypto markets, that kind of uncertainty tends to amplify volatility and make directional conviction harder for investors.
The article argues that even if history rhymes, the current cycle may not necessarily produce a collapse as severe as 2022. Still, the downside risk remains meaningful if the Federal Reserve delays quantitative easing, a scenario many traditional market observers had already considered plausible earlier this year.
Institutional accumulation returns as huge BTC transfer draws attention
On the flows side, buying activity from major institutional investors and treasury-style companies reportedly weakened in Q4 2025 but picked up again in January 2026, with Strategy cited as a leading buyer. At the same time, analyst JA_Maartun flagged a massive on-chain move: 224,248.67 BTC transferred within a single block, a transaction the article values at roughly $20 billion. The most likely explanation presented was UTXO consolidation by Tether or Bitfinex, though the scale of the movement inevitably fueled wider speculation.
GameStop transfer to Coinbase Prime raises sale concerns
Not all signals were constructive. According to the article, GameStop, which had attracted attention for adding Bitcoin to its balance sheet, has now moved all of its BTC to Coinbase Prime, possibly in preparation for a sale. The company reportedly bought 4,710 BTC in May 2025 at around $107.9K per coin, for a total of about $504 million. If sold near the cited $90.8K level, the position would imply an unrealized loss of roughly $76 million. That development matters not only for GameStop itself but also for broader sentiment around the corporate Bitcoin treasury theme.
For now, Bitcoin’s move back above $90,000 offers short-term relief, but the broader environment remains fragile. Institutional buying and short covering may provide support, yet rate expectations, tariff uncertainty, and possible corporate selling pressure are likely to keep the market highly reactive.