This January, Premier League clubs were much more conservative than last, with only six sides actually committing money to a permanent signing. Considering £430million was spent in 2018's winter window, the fall to £180m in 2019 is dramatic indeed.
High player salaries, uncertainty around Brexit, and big teams being well stocked were factors in a month of modesty. Still, there were moves made and even deals sealed.
Here, Sportsmail assesses each club's work...
Unai Emery said at the start of January that Arsenal had no cash for major transfers so would have to concentrate on loans. By gosh he was telling the truth.
The club's only signing was Barcelona's Denis Suarez, who played under Emery at Sevilla. The 25-year-old has been unable to displace some bloke called Lionel so a temporary switch to north London – with the option to make the move permanent for around £20m in the summer – makes sense.
Pursuits of Ivan Perisic, Yannick Carrasco, and Christopher Nkunku fell down over fees. Arsenal let Emiliano Martinez go to Reading, and Emile Smith Rowe out to RB Leipzig, both loans.
New Arsenal signing Denis Suarez got straight down to work at the club's London Colney base
Eddie Howe has used Bournemouth's Premier League security to make long-term investments in his squad to be integrated gradually. Spending a combined £31m on Dominic Solanke and Chris Mepham, two players with five Premier League starts between them, might be seen as excessive but both are 21 and ripe for Howe's coaching methods. He has shown he can improve players of that age.
Nathaniel Clyne is a ready-to-go signing to fill a gap at right-back, while Jermain Defoe and Tyrone Mings have been allowed out on loan for the betterment of their own careers.
Dominic Solanke and Nathaniel Clyne both moved from Liverpool to Bournemouth in January
Jan Mlakar (Maribor, £2.7m)
Tudor-Cristian Baluta (Viitorul Constanta, £2.7m)
Ben White (Peterborough United, loan)
Ben Barclay (Nottingham Forest, loan)
Markus Suttner (Fortuna Dusseldorf, loan)
A quiet window for Chris Hughton, whose composure in press conferences is replicated in his approach to the market. If a deal is not right, he won't do it.
He has preferred to work with his group as it is, with the side seven points clear of the relegation zone. They did bring in two players for the future in Maribor striker Jan Mlakar and Viitorul Constanta midfielder Tudor-Cristian Baluta, 20 and 19 respectively. Both were loaned back to their clubs for the rest of the season.
Defender Markus Suttner was the only mover of note in a quiet month at Brighton
Peter Crouch (Stoke, undisclosed)
Sam Vokes (Stoke, undisclosed)
Sean Dyche produced one of the most warming stories of the window by bringing Peter Crouch back for a Premier League swan-song at the age of 38.
The deal is until the end of the season, believed to be no fee to Burnley, and gives Dyche variety in his attack. Sam Vokes went to the other way to Stoke in a deal that could be worth £9m including add-ons, a good price.
Burnley did push for Che Adams at Birmingham, making a final bid worth in excess of £12m, and may return in the summer depending bow the striker does for the rest of this campaign.
Sportsmail columnist Peter Crouch has returned to the Premier League with Burnley
Oumar Niasse (Everton, loan)
Leandro Bacuna (Reading, undisclosed)
Anthony Pilkington (Wigan Athletic, undisclosed)
Gary Madine (Sheffield United, loan)
Lee Tomlin (Peterborough United, loan)
Mark Harris (Port Vale, loan)
Omar Bogle (Portsmouth, loan)
No balance sheet could ever detail the loss Cardiff felt this window. Emiliano Sala's disappearance when flying over the Channel after his £15m record transfer from Nantes will forever be etched into the club's history.
In the circumstances, Neil Warnock weighed up walking away. He will of course stay and he got back to work with the signing of Leandro Bacuna.
Oumar Niasse had already arrived on loan from Everton so should add spark to Cardiff's attack, which has been led in makeshift fashion to date.
Leandro Bacuna was a deadline day mover as he transferred from Reading to Cardiff City
Christian Pulisic (Borussia Dortmund, £58m)
Gonzalo Higuain (Juventus, loan)
Cesc Fabregas (Monaco, £10m)
Alvaro Morata (Atletico Madrid, loan)
Kasey Palmer (Bristol City, loan)
Lewis Baker (Reading, loan)
Victor Moses (Fenerbahce, loan)
Matt Miazga (Reading, loan)
Lucas Piazon (Chievo, loan)
Michy Batshuayi (Crystal Palace, loan)
Delivered an answer to the most pressing issue in the squad, namely getting an elite striker in and offloading Alvaro Morata, who had begun to look like the timid kid at the back of the class who only puts his hand up to ask to go to the loo.
Whether Gonzalo Higuain can score the goals to get Chelsea into next season's Champions League depends on how quickly he adapts to England at the age of 31. Bournemouth wasn't a great start.
Signing Christian Pulisic for £58m seems decent long-term business, but only if they can keep Callum Hudson-Odoi beyond summer. It would be odd in the extreme to spend that money only to lose another talented winger developed in-house.
Gonzalo Higuain's loan from Juventus to Chelsea was one of the month's biggest transfers
Steve Parrish brought all the deadline-day drama, announcing the return of 'Batsman' Michy Batshuayi at gone midnight. Bringing in the Chelsea striker on loan looks a shrewd move for some extra pep in Roy Hodgson's attack, although the 25-year-old's underwhelming stint at Valencia raises a notion of doubt.
Palace also brought back Bakary Sako and trimmed the squad of players who wished to get regular games, such as Jason Puncheon and Jonny Williams.
Bakary Sako is back at Crystal Palace after a brief spell at West Bromwich Albion
Kieran Dowell (Sheffield United, loan)
Mason Holgate (West Bromwich Albion, loan)
Oumar Niasse (Cardiff City, loan)
Cuco Martina (Feyenoord, loan)
Beni Baningime (Wigan, loan)
Yannick Bolasie (Anderlecht, loan)
Idrissa Gueye's proposed move to Paris Saint-Germain dominated Everton's January, and in the face of a transfer request and numerous bids of over £20m Marco Silva can view the 29-year-old staying as a victory. It will be fascinating to see how Gueye responds to missing out on a deal of a lifetime, however.
Everton really needed to add a centre-forward to allow Richarlison back out to his best position on the wing, but any approach for Batshuayi failed. Instead it was no in-comings and a few outgoings on loan, Kieran Dowell and Mason Holgate to name two.
Several fringe players left Everton on loan, including Oumar Niasse to Cardiff City
Ryan Babel (Besiktas, free)
Havard Nordtveit (Hoffenheim, loan)
Lazar Markovic (Liverpool, free)
Aboubakar Kamara (Yeni Malatyaspor, loan)
Stefan Johansen (West Brom, loan)
Nobody in the photograph announcing Aboubakar Kamara's loan to Yeni Malatyaspor looked happy. Maybe because they've just been told the yoga session is next. You imagine people at Fulham are wearing smiles at least. Getting rid of a winger who has acted like a one-man wrecking ball is good business whatever the price.
Ryan Babel has already shown in glimpses he was worth bringing in from Besiktas for free, while Lazar Markovic is ready for his customary mid-season mission to a relegation battle.
Signing Bordeaux right-back Youssouf Sabaly would have been the cherry on top. Fulham met the £12m release clause, Sabaly had his medical, then Bordeaux went cold, refusing to answer calls for four hours in the most costly case of ghosting since Tinder was invented.
Ryan Babel returned to the Premier League as the ex-Liverpool player joined Fulham