Bitcoin Whales Are Selling: The Bearish On-Chain Reality (2026 Outlook)

Is the early 2026 bullish sentiment a trap? Despite green candles, on-chain data from Glassnode suggests the longer-term picture remains bearish. In this video, we debunk the viral "whale accumulation" charts (which are actually just exchange consolidation) and analyze why true demand is currently negative. We break down the key levels to watch: I remain neutral/bearish until Bitcoin reclaims $107k. My base case sees a retest of the 50-week moving average near $81k before a true reversal. We also cover the impact of MicroStrategy accumulating cash vs. Bitcoin and what the latest Chicago PMI data signals for the macro economy Disclaimer: Content is for entertainment purposes only, not financial advice. 𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗡𝗼𝘁𝗶𝗰𝗲 – 𝗡𝗼𝘁 𝗙𝗼𝗿 𝗨𝗞 𝗥𝗲𝘀𝗶𝗱𝗲𝗻𝘁𝘀 This content is directed only at persons outside the United Kingdom. ___________________________________________ 𝗧𝗛𝗘 𝗕𝗘𝗦𝗧 𝗗𝗘𝗔𝗟𝗦 & 𝗦𝗜𝗚𝗡 𝗨𝗣 𝗥𝗘𝗪𝗔𝗥𝗗𝗦 ⬇⬇⬇⬇⬇⬇ 🟥 𝗨𝗣𝗛𝗢𝗟𝗗 - 𝗧𝗿𝗮𝗱𝗲, 𝗘𝘅𝗰𝗵𝗮𝗻𝗴𝗲, 𝗦𝗽𝗲𝗻𝗱. 𝗔𝗹𝗹 𝗶𝗻 𝗢𝗻𝗲 𝗣𝗹𝗮𝗰𝗲! 👉 Get Started: https://uphold.sjv.io/JKE9ya 🟠 𝗲𝗮𝘀𝘆𝗕𝗶𝘁𝗰𝗼𝗶𝗻 - 𝗚𝗲𝘁 𝗿𝗲𝘄𝗮𝗿𝗱𝗲𝗱 𝗳𝗼𝗿 𝗴𝗼𝗼𝗱 𝗵𝗮𝗯𝗶𝘁𝘀! ☑️ Earn 1% extra bitcoin on your recurring buys! ☑️ Earn 2% annual rewards on your total bitcoin stash! ☑️ Earn a huge 4.25% APY on your USD balance! 👉 𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗲𝗮𝘀𝘆𝗕𝗶𝘁𝗰𝗼𝗶𝗻: https://bit.ly/easy-bitcoin-alessandro 👉 𝗫: https://x.com/easyBitcoinapp 🔒 𝗟𝗘𝗗𝗚𝗘𝗥 - 𝗧𝗵𝗲 𝗕𝗲𝘀𝘁 𝗖𝗼𝗹𝗱 𝗪𝗮𝗹𝗹𝗲𝘁 𝗬𝗼𝘂 𝗖𝗮𝗻 𝗛𝗮𝘃𝗲! 𝗦𝗮𝘃𝗲 𝗨𝗽 𝘁𝗼 𝟱𝟬% 𝗢𝗳𝗳 + 𝗚𝗲𝘁 𝗨𝗽 𝘁𝗼 $𝟵𝟬 𝗕𝗧𝗖! 🚨 Get the Holiday Season Special! Now is the best time to secure your crypto! 👉 𝗦𝗲𝗲 𝗗𝗲𝗮𝗹𝘀: https://bit.ly/ledger-alessandro 🛡️ 𝗡𝗢𝗥𝗗 𝗩𝗣𝗡 - 𝗕𝗲 𝗨𝗻𝗵𝗮𝗰𝗸𝗮𝗯𝗹𝗲! 𝗞𝗲𝗲𝗽 𝗬𝗼𝘂𝗿 𝗖𝗿𝘆𝗽𝘁𝗼 & 𝗜𝗱𝗲𝗻𝘁𝗶𝘁𝘆 𝗦𝗮𝗳𝗲! ☑️ Get 74% off a 2 Year Plan + 4 Extra Months FREE! 👉 Secure your data today: https://nordvpn.com/allesandro 🟩 𝗚𝗥𝗩𝗧 - 𝗧𝗿𝗮𝗱𝗲 𝘄𝗶𝘁𝗵 𝗦𝗽𝗲𝗲𝗱 𝗮𝗻𝗱 𝗣𝗿𝗶𝘃𝗮𝗰𝘆! ☑️ Earn 10% interest on your total trading account balance! 👉 𝗝𝗼𝗶𝗻 𝗻𝗼𝘄: https://bit.ly/grvt-alessandro 👉 GRVT Points Estimate: https://bit.ly/grvt-points-estimate ___________________________________________ 🎙️ 𝗥𝗜𝗦𝗞 𝗧𝗔𝗞𝗘𝗥𝗦 - 𝗦𝘁𝗮𝘆 𝗔𝗵𝗲𝗮𝗱 𝗼𝗳 𝗧𝗵𝗲 𝗖𝘂𝗿𝘃𝗲! ☑️ The podcast and interview series uncovering the psychology and strategy behind crypto’s top performers. 👉 https://www.youtube.com/@officialrisktakers ___________________________________________ 𝗙𝗢𝗟𝗟𝗢𝗪 𝗔𝗟𝗘𝗦𝗦𝗔𝗡𝗗𝗥𝗢 ⬇⬇⬇⬇⬇⬇ 👉 𝗔𝗹𝗲𝘀𝘀𝗮𝗻𝗱𝗿𝗼 𝗼𝗻 𝗫: https://x.com/alessandrorisk 👉 𝗔𝗹𝗲𝘀𝘀𝗮𝗻𝗱𝗿𝗼 𝗼𝗻 𝗜𝗻𝘀𝘁𝗮𝗴𝗿𝗮𝗺: https://bit.ly/alessandro-insta ___________________________________________ 👁️‍🗨️ 𝗖𝗿𝘆𝗽𝘁𝗼 𝗕𝗮𝗻𝘁𝗲𝗿 𝗮𝗯𝗶𝗱𝗲 𝗯𝘆 𝘁𝗵𝗲 𝗳𝗼𝗹𝗹𝗼𝘄𝗶𝗻𝗴 𝗰𝗼𝗱𝗲 𝗼𝗳 𝗰𝗼𝗻𝗱𝘂𝗰𝘁: https://www.cryptobanter.com/our-ethics/ We take our code of ethics very seriously and have engaged @zachxbt ( / zachxbt ) to monitor our progress. If you feel we’re not living up to it and have hard evidence please mail ZachXBT directly at reportcb@protonmail.com ⚠️ 𝗕𝗘𝗪𝗔𝗥𝗘 𝗢𝗙 𝗦𝗖𝗔𝗠𝗠𝗘𝗥𝗦 𝗜𝗡 𝗢𝗨𝗥 𝗖𝗢𝗠𝗠𝗘𝗡𝗧𝗦 𝗔𝗡𝗗 𝗖𝗢𝗠𝗠𝗨𝗡𝗜𝗧𝗬 𝗖𝗛𝗔𝗡𝗡𝗘𝗟𝗦 ___________________________________________ Crypto Banter is a live-streaming channel that brings you the hottest crypto news, market updates, and fundamentals of digital assets. Join the fastest-growing crypto trading community to get notified on the most profitable trades and the latest crypto market updates & news!! 📝 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: Crypto Banter is a social podcast for entertainment purposes only. All opinions expressed by the hosts, guests, and callers should not be construed as financial advice. Views expressed by guests and hosts do not reflect the views of the station. Listeners are encouraged to do their own research. 𝗜𝗠𝗣𝗢𝗥𝗧𝗔𝗡𝗧 𝗡𝗢𝗧𝗜𝗖𝗘 – 𝗡𝗢𝗧 𝗙𝗢𝗥 𝗨𝗞 𝗥𝗘𝗦𝗜𝗗𝗘𝗡𝗧𝗦 This content is directed only at persons outside the United Kingdom. It is not directed at and must not be acted upon by persons in the United Kingdom. UK viewers must not use this content to inform any investment decisions. 𝗚𝗘𝗡𝗘𝗥𝗔𝗟 𝗥𝗜𝗦𝗞 𝗡𝗢𝗧𝗜𝗖𝗘 Crypto assets are volatile and high-risk. You could lose all your money. This content is for informational purposes only and does not constitute investment advice or a recommendation to buy, sell, or hold any crypto asset. You should conduct your own research and consult with a financial adviser before making any investment decisions. #OnchainCrypto #PMI #CryptoMarket #BitcoinPrice #Alessandro ⏱ 𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀: 00:00 OnChain Evidence for Potential Bear Market? - Intro 00:30 Glassnode OnChain Data of Bitcoin Whale Accumulation Myth 01:42 Bitcoin Apparent Demand Explained 03:40 Bitcoin OnChain Not Looking Bullish - Realized Capital Net Position 07:36 Crypto Sentiment Gauge 08:40 Bitcoin Sharpe Ratio Explained 09:39 Get Paid To Long Bitcoin - Crypto Funding Rate Heatmap 10:58 Macro Economic Bullish Catalysts - PMI, Chicago PMI, BTC VS PMI 🔎 𝗥𝗲𝗹𝗮𝘁𝗲𝗱 𝗦𝗲𝗮𝗿𝗰𝗵𝗲𝘀: OnChain Analysis Bitcoin - PMI - Chicago PMI Index - PMI Index - Bitcoin - Crypto - Bitcoin Price - Trading Bitcoin - Altcoins - Trading Altcoins - Crypto Trading - Bitcoin Technical Analysis - Bitcoin Price Analysis