CryptoQuant says bitcoin, ether and XRP whales are accumulating, signaling a 'late-stage bear market'

Large crypto holders are increasing their bitcoin (BTC), ether (ETH), and XRP (XRP) positions as prices remain under pressure, according to CryptoQuant, suggesting they may be preparing for the next market cycle.

CryptoQuant said the activity signals that the bear market is likely in its final stage. However, the firm said the market has not reached a confirmed bottom, and prices may still fall further.

"Across bitcoin, ether and XRP, the largest cohorts are adding supply as prices sit near or below their realized prices," CryptoQuant's head of research, Julio Moreno, said in a Wednesday report. "This positioning lowers downside pressure and is consistent with the final phase of the cycle's decline."

Bitcoin whale balances, excluding exchanges and mining pools, have climbed to about 3.06 million BTC after it bottomed near 2.87 million BTC in December 2025, CryptoQuant said. The data also excludes exchange-traded funds or digital asset treasury companies, Moreno told The Block.

Bitcoin whale holdings have recorded positive 30-day growth for most of 2026, CryptoQuant said, noting that accumulation increased when bitcoin's price fell below $60,000 in June. However, whale balances remain below the 2025 bull-market peak of about 3.23 million BTC, leaving room for further accumulation, according to CryptoQuant.

Ether and XRP

As for ether holders, larger wallets are accumulating while smaller holders have continued to sell, CryptoQuant said.

Wallets holding between 10,000 and 100,000 ETH have accumulated "relentlessly," increasing their balances to a record 19.6 million ETH from about 14 million ETH in mid-2025, CryptoQuant noted. Meanwhile, the smaller cohort, 1,000-to-10,000 ETH group, has reduced its holdings to 12.9 million ETH from about 15.6 million ETH in January this year, CryptoQuant said.

"Mega whales" or wallets holding more than 100,000 ETH have also added about 1.8 million ETH since mid-2025, an increase of roughly 70%, CryptoQuant noted. Their combined balance rose from about 2.6 million ETH to around 4.6 million ETH and remains near record levels.

"This is what accumulation looks like in a bear market: strong hands absorbing weak-hand supply," Moreno said. Concentrating ownership in large holders tightens available float and is constructive for ETH once demand returns — even as price sits below its cost basis."

XRP whales, on the other hand, "are quietly positioning." CryptoQuant said spot order sizes stay in "big whale" territory even as XRP's price holds the $1.00–$1.20 range.

However, cumulative volume delta (CVD), a measure of aggressive buying and selling, has moved into "neutral" territory, suggesting accumulation by absorption rather than aggressive market buying, CryptoQuant said.

"Big passive orders plus neutral CVD point to quiet absorption and a basing range — not capitulation, but not yet a confirmed breakout either," CryptoQuant said.

Valuations

CryptoQuant also compared each of the three assets' market price with their realized price, an onchain metric that shows the average price at which all coins in circulation were last moved or purchased.

Bitcoin is currently trading at around $64,640, above its realized price of $52,900, CryptoQuant said, noting that previous bitcoin bear markets have entered their final stage when the market price approached the realized price.

XRP is currently trading near $1.1, compared with a realized price of about $0.75. Meanwhile, ether is trading below its realized price. It is currently trading at around $1,900, compared with a realized price of about $2,450.

"The risk-reward ratio has declined significantly since the bear market began — but valuation leaves room for one more leg lower before the floor is confirmed," Moreno said.