Crypto whales accumulate as bear market nears late stage: CryptoQuant

Bitcoin, Ethereum, and XRP whale investors have been increasing their holdings amid a weakening market, according to CryptoQuant. The blockchain analytics firm suggests that large holders are absorbing supply in anticipation of a potential market bottom. As valuations approach levels typical of a bear market's final stage, these whale acquisitions could reduce available supply and concentrate ownership among the most prominent investors.

CryptoQuant's latest Smart Money report, revealed to Cointelegraph, indicates that Bitcoin whale holdings, excluding exchanges and mining pools, surged to around 3.06 million BTC from 2.87 million BTC in December 2025. This acceleration in accumulation began after Bitcoin dipped below $60,000 in June. Similarly, Ethereum wallets holding between 10,000 and 100,000 ETH collectively amassed a record 19.6 million ETH, while wallets with over 100,000 ETH added approximately 1.8 million ETH since mid-2025.

In XRP markets, average spot order sizes were classified as "big whale" size, with the token trading between $1 and $1.20. However, a neutral 90-day taker cumulative volume delta implies passive absorption rather than aggressive buying.

CryptoQuant also references realized price, an estimate of the market's average onchain cost basis, to support its assertion that the market may be nearing a bottom. At the time of writing, Bitcoin was trading at $63,935, above its realized price of $52,900. Ethereum was trading at $1,858, below its realized price of around $2,450.

XRP was trading at approximately $1.10 compared to a realized price of about $0.75. According to CryptoQuant, the rising whale balances during price weakness serve as a clear indicator for savvy investors to watch, with the accumulation pattern historically preceding market bottoms. However, the firm cautions that the market remains vulnerable to further downside.

This analysis by CryptoQuant aligns with other researchers who have identified potential bottoming indicators. On Monday, 10x Research suggested that Bitcoin might confirm a bear-market bottom with a monthly close above $63,000. Additionally, K33 reported in a July 7 analysis that Bitcoin has often reached cycle lows within weeks of more than half of its circulating supply being held at a loss.