Bitcoin

The crypto market will be bleeding into 2026 depsite other major assets gaining. Still, there will be a chance for crypto to play catch-up in the new year, according to market intelligence platform Santiment.
In an X post on Tuesday, analysts from Santiment <a href="https://x.com/santimentfeed/status/2006070421104292116" rel="noopener noreferrer nofollow" target="_blank">said</a> that Bitcoin (<a href="/bitcoin-price" rel="noopener noreferrer">BTC</a>) was <a href="https://cointelegraph.com/news/bitcoin-gold-silver-price-performance-not-relevant-analysts" rel="noopener noreferrer nofollow">trailing gold</a> and the S&amp;P 500 stock market index, with both having made slight recoveries after a crash in November.
Since the start of November, gold is up 9%, the S&amp;P 500 has gained 1%, and <a href="https://cointelegraph.com/learn/articles/what-is-bitcoin-a-beginners-guide-to-the-worlds-first-cryptocurrency" rel="noopener noreferrer nofollow">Bitcoin is down 20%</a>, trading for <a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow" target="_blank">around</a> $88,000 as of Wednesday.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-12/019b7223-dd53-707f-b1ba-02b7e6295d68.jpg" title="" alt="Crypto lagged gold, stocks, but 2026 offers chance for ‘catch up’">
 <figcaption style="text-align: center;">
 Bitcoin is trailing gold and the S&amp;P 500, but that could shift in 2026. Source: <a href="https://x.com/santimentfeed/status/2006070421104292116" rel="noopener noreferrer nofollow" target="_blank">Santiment</a>
 </figcaption>
</figure>
“The correlation between Bitcoin &amp; crypto compared to other major sectors is still lagging behind,” Santiment analysts said, adding that “heading to 2026, there will remain an opportunity for crypto to play catch-up.”
<h2 id="whales-waiting-on-the-sidelines">Whales waiting on the sidelines</h2>
Large holders scooping up crypto again could be the first sign of a shift back, as whales slowed accumulation in the second half of 2025, <a href="https://x.com/santimentfeed/status/2006058048855392684" rel="noopener noreferrer nofollow" target="_blank">according</a> to Santiment.
<blockquote>
 “The second half of 2025 was dominated by aggressive accumulation by the small wallets, while large wallets essentially stayed flat, rising up to the Oct ATH, then selling.” &nbsp;
</blockquote>
Generally, large holders and whales are <a href="https://cointelegraph.com/news/how-to-use-ai-to-spot-whale-wallet-moves-before-the-crowd" rel="noopener noreferrer nofollow">considered market movers</a>, and their trades can influence market behavior, liquidity and investor psychology.
“Historically, the best recipe for a bear pattern to flip to a bullish one is when large wallets accumulate, and retail dumps,” Santiment analysts added.
Long-term Bitcoin <a href="https://cointelegraph.com/news/bitcoin-long-term-holders-halt-selloff-ether-whales-accumula" rel="noopener noreferrer nofollow">holders have also stopped selling</a>, putting the brakes on offloading crypto for the first time six months after trimming <a href="https://cointelegraph.com/news/bitcoin-long-term-holders-hit-eight-month-lows-bullish-or-bearish" rel="noopener noreferrer nofollow">their positions from 14.8 million</a> coins in mid-July to 14.3 million in December.
<h2 id="shift-back-into-crypto-may-already-be-underway">Shift back into crypto may already be underway</h2>
Garrett Jin, former CEO of the <a href="https://cointelegraph.com/press-releases/bitforex-completes-over-50-of-user-withdrawals-sets-kyc-deadline-in-november-2025-update" rel="noopener noreferrer nofollow">now-defunct crypto exchange</a> BitForex, <a href="https://x.com/GarrettBullish/status/2005850761276555496?s=20" rel="noopener noreferrer nofollow" target="_blank">speculated</a> that traders have already started to shift out of other sectors and back into crypto.
Data from the on-chain analytics platform Nansen <a href="https://app.nansen.ai/macro/blockchains?chain=bitcoin&amp;tab=overview" rel="noopener noreferrer nofollow" target="_blank">shows</a> that the number of active Bitcoin addresses has risen 5.51% in the last 24 hours, while transactions are down nearly 30%.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-12/019b7223-e4ba-774e-a991-73e2135ee806.png" title="" alt="Crypto lagged gold, stocks, but 2026 offers chance for ‘catch up’">
 <figcaption style="text-align: center;">
 The number of active Bitcoin addresses has risen, but transaction volume is down. Source: <a href="https://app.nansen.ai/macro/blockchains?chain=bitcoin&amp;tab=overview" rel="noopener noreferrer nofollow" target="_blank">Nansen&nbsp;</a>
 </figcaption>
</figure>
“The short squeeze in metals is over as expected. Capital is beginning to flow into crypto,” Jin said on Tuesday. Responding to a user’s question about whether traders investing in precious metals also buy crypto, he added, “Capital is the same. Always sell high and buy low.”
Related: <a href="https://cointelegraph.com/news/bitcoin-long-term-holders-hit-eight-month-lows-bullish-or-bearish" rel="noopener noreferrer nofollow">Bitcoin’s $90K rejection: Is BTC's digital gold narrative losing to bonds?</a>
At the same time, investor and market analyst CyrilXBT <a href="https://x.com/cyrilXBT/status/2005849807743545767" rel="noopener noreferrer nofollow" target="_blank">said</a> that the market is in a “classic late-cycle positioning before a shift.”
<blockquote>
 “When liquidity turns and BTC breaks structure: Gold cools, BTC leads, ETH follows, Alts finally wake up. The market always moves before the narrative does. Stay patient. This phase is designed to test conviction.”&nbsp;
</blockquote>
Magazine: <a href="https://cointelegraph.com/magazine/big-questions-will-bitcoin-survive-10-year-power-outage/" rel="noopener noreferrer nofollow">Big questions: Would Bitcoin survive a 10-year power outage?</a>

Crypto lagged gold, stocks, but 2026 offers chance for ‘catch up’

Table of Contents

Cointelegraph

Other articles published on Dec 31, 2025

Join our free newsletter for daily crypto updates!