Early 2026 Analysis: Solana whales emit bullish signals, while questions arise about Strategy's approach

The cryptocurrency market has迎え新年, clearly divided into two distinct narratives. On the Solana network, active buying by large investors is observed, while strategies focusing on increasing Bitcoin spot holdings are facing a downturn in stock prices, leading to a wide divergence in investor evaluations.

Bullish signals in the Solana ecosystem: Whales and institutional investors align

Recent data from the on-chain analysis platform Santiment reveal interesting trends. Multiple large holders of Solana-based tokens have consecutively executed large purchases exceeding 10 SOL, indicating strong demand within the ecosystem. Currently, Solana (SOL) has recorded a 24-hour increase of +2.84%, with the number of active addresses surpassing 2.28 million.

This potential upward trend is also confirmed by institutional investor activity. According to the latest CoinShares report, Solana investment products attracted $7.5 million in new funds last week alone. Since the launch of US-listed ETFs in mid-October last year, total inflows have exceeded $1.3 billion. Notably, while all digital asset investment products experienced a $446 million outflow last week, this resilience stands out.

XRP investment products are showing similar movements, gathering $70.2 million, with an additional $35.7 million inflow from Germany, indicating active regional buying interest.

Strategy’s record-high Bitcoin purchase strategy under scrutiny

Meanwhile, another investment strategy is facing significant criticism. Strategy recently announced an additional purchase of 1,229 BTC on December 29, 2025. The average acquisition price per unit was $88,568. Currently, Bitcoin’s 24-hour increase is +0.19%, with the price hovering around $90,490.

The company continues this buying spree, significantly expanding its holdings from 252,220 BTC before the 2024 US presidential election to 672,497 BTC. The average acquisition price is reported as $74,997.

However, despite the increase in holdings, stock performance has deteriorated. According to Santiment’s analysis, the stock price of MSTR is projected to decline by about 50% in 2025. This drop far exceeds Bitcoin’s modest annual decline of 6%.

This gap has polarized investor opinions. Some view this strategy as a long-term, forward-looking investment, while others see it as a risk to shareholder value, and the market remains uncertain in its assessment.

Diverging market sentiment and outlook for 2026

Interestingly, the withdrawal of Warren Buffett from Berkshire Hathaway, a major figure in the investment world, is interpreted on social media as a symbolic “turning point,” highlighting the rise of different investment philosophies dominating today’s financial markets.

Santiment’s data suggest that the market is oscillating between cautious optimism for promising ecosystems like Solana, supported by on-chain transactions and institutional backing, and deep-rooted concerns about the sustainability of corporate Bitcoin accumulation strategies.

The dawn of 2026 seems to mark not just price fluctuations but a fundamental reevaluation of investment philosophies toward cryptocurrencies.