Hopefully in that case! I don't have all the evidence to hand for previous years sadly, but many of the clubs in the Premiership spent next to nothing (Arsenal, Chelsea, Leicester, Leeds, West Ham, Southampton, Norwich, Man Utd) and the figures were inflated as new managers were given some money to spend (Villa, Everton, Newcastle).
Most of the clubs didn't go as high as £20m in spending in January. It's not the time you tend to see huge amounts spent, but it does give some indication of how that graph is skewed by a few big deals rather than a general trend.