CoinEx explains why Bitcoin may move beyond halving cycles, with institutions, liquidity, and selective capital shaping 2026.

On-chain data from multiple analytics providers indicates that Bitcoin balances on centralized exchanges have fallen into an estimated range of 2.4 million to 2.8 million BTC as of early January 2026.

Bitcoin’s price moves closer to its all-time high, but liquidity shortage could trigger a breakout toward $165,000. Bitcoin is up 10% to $108,200 from $98,400 local lows, reclaiming key support.