Jamie Carragher has insisted that he understands Liverpool supporters' frustrations at their lack of activity in January while other clubs splashed the cash around them – but is relieved the club no longer panic-buys like when he was a player.

The Reds only managed to sign one player in the winter window which saw Cody Gakpo join in a deal worth £44million – and even that move was announced on December 28 – days before the window officially opened.

Liverpool's drop in form plus mounting injuries to key players has led to fans calling for investment in Jurgen Klopp's side, but little to no movement in terms of transfers left supporters pulling their hair out.

And that frustration was compounded with the likes of Chelsea splashing out an eye-watering £323m throughout January. However, while Carragher understands the frustration, he's glad the club has moved on from its scattergun approach when he was a player.  

'In terms of transfers, I can understand the frustration of Liverpool fans when they see clubs spending money left, right and centre,' Carragher said on Sky Sports.

'It almost looks like, because they're not bringing someone in, they have given up on that fight for the top four. 

'What I would never want my club to be is what they were when I was a player, which was a little bit scattergun. 

'Liverpool, over the last four or five years, have been a model most clubs around Europe have wanted to follow and what they don't do is panic.

'If Liverpool aren't bringing in players now because they haven't got the money or the player isn't there that Jurgen Klopp wants, that is a completely different argument. 

'I am convinced Liverpool will have a big summer and a lot of fans want them to have a big January, but I wouldn't want Liverpool to go back to what they used to do when I was playing: buying and hoping it will work.'

Chelsea continued to steal the headlines throughout the month of January, making a number of big-money signings on top of their huge transfer splurge last summer to take their spend on players past the half-a-billion mark in this season alone.

The signings of Mykhailo Mudryk (£88m), Enzo Fernandez (£107m) and Benoit Badiashile (£35m) saw Chelsea going to ridiculous lengths to strengthen their squad but Carragher remains unconvinced by Blues chairman Todd Boehly's approach.

Carragher added on Chelsea's strategy: 'It feels a little bit scattergun, and we felt that in the summer. I would be really interested to know the private thoughts of the manager because it feels like he has come into this club and players are coming in and leaving left, right and centre. 

'He is going to have great players, but can you create that team ethic and bond all great teams need? Todd Boehly has come in, put his money where his mouth is and wants to get Chelsea right back to the top. 

'But it's also about what this effect has on the players who are already there, what is the feeling and the spirit like? Even listening to Pep Guardiola and Jurgen Klopp, they don't like the biggest of squads for the reason of it being hard to keep people happy.

'They have certainly gone for it in the two windows the new owner has been involved in. How successful that makes them, who knows. 

'The biggest example of that is Manchester United in the last ten years, who have thrown so much money at it and have never quite got exactly where they want to be.'