You shouldn't really use January as a guide to the transfer bubble imo, its a strange time with some years having no movement. Other than our "loan" in the summer there were no real loan to buys were there? (not including teams desperate to get players off their wage bill - Sanchez Man U).I think the market is clearly showing signs that the price bubble is nearing its end.
a lot of the deals this January, both concrete and unfinished, are loans. With the prices so high clubs aren’t willing to throw a lot of cash without testing the product first. But small clubs will want to capitalize so they will have to reduce prices again soon unless they’re trapped in loan schemes of big clubs
What is apparent is the TV deal has pretty much given English clubs "fuck you money" and moving between PL teams will be more difficult. Even if Villa go down I expect Man U to pay £60M + for grealish, thats fucked up.