Company Santiment: Bitcoin Trails Gold and the S&P 500 After November Pullback

Company Santiment data shows that Bitcoin has materially underperformed other major assets following the sharp November pullback. Since early November, Gold climbed 9%, the S&P 500 rose 1%, while Bitcoin fell approximately 20%, trading near $88,000 as of the report. This divergence has left the crypto market quieter while traditional markets display modest rebounds.

On-chain metrics reported by Company Santiment highlight a split in holder behavior: small wallets increased accumulation during the second half of 2025, whereas large wallets largely held steady and sold after driving prices to October's all-time highs. Because large holders are often treated as market movers, their cautious stance has placed persistent pressure on prices. Historically, a clear rotation where big holders resume accumulation while retail eases off has signaled durable trend shifts; that combination is not fully evident yet.

On-chain snapshots are mixed. Long-term Bitcoin holders trimmed positions from 14.8 million coins in mid-July to 14.3 million by December, then paused further selling. Active Bitcoin addresses rose 5.51% in 24 hours, while transactions fell almost 30% in the same window. That divergence suggests rising market attention but fewer participants committing capital — interest without broad-based trading momentum.

Market voices emphasize capital rotation and late-cycle positioning. Mr. Garrett Jin, who once ran Company BitForex, noted that capital simply reallocates across markets and advised the classic approach to sell high and buy low. Another analyst, Mr. CyrilXBT, described the present setup as a potential pre-rotation late-cycle phase: when liquidity shifts, gold could cool, Bitcoin may lead, and other tokens could follow. Mr. Javon Marks highlighted parabolic chart patterns resembling the 2016–2017 build-up and continues to forecast a rally toward $125K.

Technical and sentiment reads diverge. Company CoinCodex projects a modest near-term target of $91,500 by January 30, 2026 (a ~3.7% move from current levels) while listing sentiment as bearish and the Fear & Greed Index at 23 (Extreme Fear). CoinCodex notes 15/30 green days and ~2.11% volatility over the prior 30 days (data as of Dec 31, 2025).

Key near-term indicators to watch include whether large wallets resume buying en masse and whether transactions climb alongside rising active addresses. A simultaneous return of whale accumulation and halted selling by long-term holders would be a stronger reversal signal than either metric alone. For now, the evidence points toward stabilization, not a confirmed reversal, leaving room for a potential catch-up in 2026 if liquidity and sentiment turn more constructive.

Visuals and source materials: featured imagery sourced from Unsplash and charts via TradingView. This analysis synthesizes on-chain metrics, exchange-level commentary, and technical perspectives to present a multi-angle view of why Bitcoin is currently lagging peers and what would need to change for it to regain leadership.