Arsene Wenger believes only team at the bottom of the Premier League can benefit from the January transfer window as they battle to beat the drop.
The majority of activity on transfer deadline day involved teams fighting for their Premier League survival, although Arsenal did manage to bring in Malaga left-back Nacho Monreal before the window shut.
Wenger had hinted he would bring in several new faces during January but Monreal was his only signing and the Frenchman admits the top teams find it hard to strengthen their squads mid-season.
"The teams at the top didn't buy at all. The teams at the bottom did buy," Wenger stated.
"This is explainable by the fact that strengthening the teams at the top at this stage of the season is nearly impossible. Teams today are so scared to go out of the Premier League that they will do anything not to go down."
Arsenal were continually linked with a move for Barcelona forward David Villa, something Wenger denied but he admits he did miss out on an unnamed player.
"We were close to one more signing. It didn't happen because of the desires of the clubs to sell or not to sell. It was not a money problem, but a desire from other clubs," he added.
"Football looks to be an exception in our society [when it comes to spending]. I always say it cannot last much longer, but I am always proved wrong on that."