Market turbulence at the beginning of 2026: While the effectiveness of Bitcoin strategies is being questioned, on-chain demand for Solana hints at a potential recovery

A few days have passed since the beginning of the year, and the cryptocurrency market is swaying between two contrasting signals. On one hand, corporate Bitcoin accumulation strategies are under scrutiny from investors, while on the other hand, the activity of large investors within specific ecosystems suggests resilience.

Active corporate buying creates a gap with declining stock prices

Strategy(MSTR) significantly increased its Bitcoin holdings from the end of the year into the new year. The company announced that as of December 29, 2025, it had added 1,229 BTC at an average price of $88,568 per coin. This buying trend has continued, with holdings expanding from 252,220 BTC before the 2024 US elections to 672,497 BTC, with an average acquisition price of $74,997 per coin.

However, market performance does not support this investment stance. According to Santiment’s analysis, MSTR’s stock price declined by about 50% throughout 2025, significantly worse than Bitcoin’s modest 6% decline during the same period. Currently, BTC is trading around $95.71K, down 1.73% in the past 24 hours, indicating that market sentiment remains cautious.

This divergence has split investor opinions. Some view it as a long-term Bitcoin holding strategy, while others see it as a risk that could undermine shareholder value.

On-chain activity forms a positive signal for Solana

In contrast, a different scene is unfolding within the Solana network. On-chain data from the analytics platform Santiment shows a “large-scale purchase phase” across multiple SOL-based tokens, with several whales (large holders) repeatedly acquiring over 10 SOL units. This behavior indicates a bullish stance on the ecosystem and expectations of a price recovery.

Currently, SOL has experienced a 2.94% correction over the past 24 hours, but the number of addresses holding tokens has reached 2,962,860, demonstrating a solid user base underpinning the network.

Institutional money concentrates in Solana

This on-chain activity is backed by continuous capital inflows from institutional investors. According to CoinShares’ latest report, Solana-related investment products attracted $7.5 million in new capital last week alone. Since the launch of the US-listed Solana ETF in mid-October 2025, total inflows into these products have exceeded $1.3 billion, highlighting strong institutional interest.

Notably, this trend is occurring amid a broader market outflow. During the same period, digital asset investment products experienced a net outflow of $446 million, while XRP-related products, despite challenging conditions, attracted $70.2 million in inflows, with buying pressure from Germany adding an additional $35.7 million.

Market narrative split hints at trends for 2026

Data at the start of the year reveals a clear split in market outlooks. There is cautious optimism for ecosystems like Solana, supported by on-chain activity and institutional backing, contrasted with serious concerns about the sustainability of traditional Bitcoin accumulation strategies. Market participants are divided in their outlooks.

As 2026 unfolds, the market will be tested to see which of these signals potentially offers greater gains.