On-chain data from CryptoQuant indicates that large cryptocurrency holders — commonly referred to as whales — are aggressively accumulating Bitcoin (BTC), Ether (ETH), and XRP despite ongoing price pressure, pointing to what the firm sees as the final phase of the current bear market.
According to a report by CryptoQuant’s head of research, Julio Moreno, the largest cohorts across all three assets are adding supply while prices hover near or below their realized prices — the average cost basis of all coins in circulation. "This positioning lowers downside pressure and is consistent with the final phase of the cycle’s decline," Moreno said.
Whale balances for Bitcoin, excluding exchanges, mining pools, ETFs, and corporate treasuries, have risen to approximately 3.06 million BTC from a low of 2.87 million BTC in December 2025. The metric has recorded positive 30‑day growth for most of 2026, with accumulation intensifying when the BTC price dipped below $60,000 in June. However, whale holdings remain below the 2025 bull-market peak of around 3.23 million BTC, leaving room for additional buildup.
Ethereum exhibits a similar pattern. Wallets holding between 10,000 and 100,000 ETH have accumulated relentlessly, pushing their combined balance to a record 19.6 million ETH from roughly 14 million ETH in mid‑2025. In contrast, smaller wallets (1,000–10,000 ETH) have reduced their positions from 15.6 million ETH in January to 12.9 million ETH. "Mega whales" with more than 100,000 ETH have added about 1.8 million ETH — a 70% increase since mid‑2025 — taking their total from 2.6 million ETH to around 4.6 million ETH, near all‑time highs. Moreno noted, "This is what accumulation looks like in a bear market: strong hands absorbing weak‑hand supply."
XRP whales are quietly positioning as well, with spot order sizes remaining in "big whale" territory while the price holds a $1.00–$1.20 range. The cumulative volume delta (CVD) has moved into neutral territory, suggesting accumulation by absorption rather than aggressive buying. "Big passive orders plus neutral CVD point to quiet absorption and a basing range — not capitulation, but not yet a confirmed breakout either," CryptoQuant explained.
Valuation comparisons show that Bitcoin trades around $64,640, above its realized price of $52,900; XRP is near $1.1, with a realized price of $0.75; while Ether, at about $1,900, remains below its realized price of $2,450. The firm cautions that while the risk‑reward balance has improved, the market has not yet established a definitive bottom and could see one more leg lower before the floor is confirmed.
