Hassan Maishera
TL;DR
-
Large holders are increasing their Bitcoin, Ethereum and XRP positions despite continued price pressure.
-
CryptoQuant believes the accumulation points to the final stage of the bear market, but says a bottom is not yet confirmed.
-
Bitcoin whale holdings have risen to approximately 3.06 million BTC.
Large cryptocurrency holders are accumulating Bitcoin (BTC), Ethereum (ETH) and XRP as prices remain under pressure, potentially positioning themselves for the next market cycle, according to CryptoQuant.
The on-chain analytics firm said the trend is consistent with the final phase of a bear market, as major holders absorb coins sold by smaller investors. However, CryptoQuant cautioned that the market has not established a confirmed bottom and could experience another decline.
“Across Bitcoin, Ether and XRP, the largest cohorts are adding supply as prices sit near or below their realized prices,” CryptoQuant Head of Research Julio Moreno said in a Wednesday report.
Moreno added that the positioning is reducing downside pressure, although current valuations still leave room for further losses.
Bitcoin Whale Balances Climb to 3.06 Million BTC
Bitcoin whale balances have increased to approximately 3.06 million BTC after falling to around 2.87 million BTC in December 2025.
CryptoQuant’s figures exclude balances associated with exchanges, mining pools, spot exchange-traded funds and digital-asset treasury companies, providing a clearer picture of accumulation among independent large holders.
Whale holdings recorded positive 30-day growth during most of 2026. Accumulation accelerated in June when Bitcoin dropped below $60,000, suggesting large investors viewed the decline as an opportunity to increase their exposure.
Despite the recent growth, whale balances remain below the 2025 bull-market peak of approximately 3.23 million BTC. CryptoQuant said the gap indicates that large holders could continue accumulating.
Ethereum’s on-chain data shows a widening divide between large and smaller investors.
Wallets holding between 10,000 and 100,000 ETH have steadily increased their positions, raising their combined balance from approximately 14 million ETH in mid-2025 to a record 19.6 million ETH.
By contrast, wallets holding between 1,000 and 10,000 ETH have reduced their holdings from about 15.6 million ETH in January to 12.9 million ETH.
The largest Ethereum wallets are also accumulating. Addresses holding more than 100,000 ETH have added roughly 1.8 million ETH since mid-2025, representing an increase of around 70%. Their collective balance has risen from approximately 2.6 million ETH to 4.6 million ETH and remains close to record levels.
Moreno described the trend as strong investors absorbing supply from weaker holders during a bear market. The increasing concentration of ETH among large wallets could reduce the amount available for trading, potentially supporting prices when demand recovers.
XRP Whales Engage in Quiet Accumulation
XRP’s largest holders are also positioning themselves while the token trades between $1.00 and $1.20.
CryptoQuant said spot order sizes remain within its “big whale” category, indicating that large participants are active in the market. However, the cumulative volume delta, which measures the balance between aggressive buying and selling, has moved into neutral territory.
The combination of large passive orders and a neutral CVD suggests whales are absorbing available supply without aggressively pushing prices higher.
According to CryptoQuant, this pattern may indicate the formation of a price base. However, it does not represent a capitulation event or confirm that XRP is preparing for an immediate breakout.
CryptoQuant also compared the market prices of Bitcoin, Ethereum and XRP with their realized prices. Realized price measures the average value at which coins in circulation last moved on-chain.
Bitcoin is trading at approximately $64,640, compared with a realized price of $52,900. Previous Bitcoin bear markets have typically entered their final stages when the market price moved closer to the realized price.
XRP is trading near $1.10, above its realized price of approximately $0.75.
Ethereum presents a different picture, as its market price of around $1,900 remains below its realized price of approximately $2,450. This means the average ETH holder is sitting on an unrealized loss based on the price at which the coins last moved.
CryptoQuant said the risk-to-reward profile has improved considerably since the beginning of the bear market. Nevertheless, the valuation data suggests the market could endure one more leg lower before establishing a durable bottom.
