The cryptocurrency market is expected to struggle into 2026, even as other major assets see gains. However, according to the market intelligence platform Santiment, there may be an opportunity for crypto to catch up in the upcoming year.
In a post on X this Tuesday, analysts from Santiment noted that Bitcoin (BTC) is lagging behind both gold and the S&P 500 index, which have both made minor recoveries following a market crash in November that affected all major assets.
Since November began, gold has risen by 9%, the S&P 500 is up 1%, while Bitcoin has dropped by 20%, trading at approximately $88,000 as of Wednesday.
“The correlation between Bitcoin & crypto and other major sectors is still lagging,” the analysts from Santiment stated, adding that “looking ahead to 2026, there will continue to be a chance for crypto to catch up.”
Whales on the lookout
The return of large holders accumulating crypto might signal a potential market shift, as whales reduced their accumulation in the latter half of 2025, according to Santiment.
“The latter half of 2025 saw aggressive accumulation from smaller wallets, while larger wallets remained mostly unchanged, peaking at the October ATH and then selling.”
Typically, large holders and whales are viewed as significant market influencers, with their trades affecting market behavior, liquidity, and investor sentiment.
“Historically, the best formula for a bear market turning bullish is when large wallets accumulate while retail investors sell,” the analysts from Santiment added.
Long-term Bitcoin holders have also ceased selling, marking a pause in offloading crypto for the first time six months after reducing their holdings from 14.8 million coins in mid-July to 14.3 million by December.
Potential shift back to crypto
Garrett Jin, the former CEO of the now-closed crypto exchange BitForex, speculated that traders may already be moving back into crypto from other sectors.
On-chain analytics from the platform Nansen indicates a 5.51% increase in active Bitcoin addresses over the past 24 hours, while transaction volume has decreased by nearly 30%.
“The short squeeze in metals has ended as anticipated. Capital is starting to flow back into crypto,” Jin mentioned on Tuesday. In response to a user’s query regarding whether traders who invest in precious metals also buy crypto, he noted, “Capital is universal. The strategy is always to sell high and buy low.”
Related: Bitcoin’s $90K rejection: Is BTC’s digital gold narrative losing ground to bonds?
Coinciding with this, market analyst and investor X account CyrilXBT stated that the market is in a “classic late-cycle positioning ahead of a shift.”
“When liquidity shifts and BTC breaks structure: Gold cools, BTC leads, ETH follows, and alts finally awaken. The market moves before the narrative does. Patience is key; this phase tests conviction.”
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