CryptoQuant: Whales Accumulating BTC, ETH, XRP Signals Bear Market's Final Stage
A crypto analytics firm says large investors are boosting their stakes in Bitcoin, Ethereum, and XRP, hinting that the prolonged market downturn could soon be over.
CryptoQuant’s new report, “Buying the Bear: A Signal of the Bear Market’s Final Stage,” examines the recent accumulation by the largest wallets. The firm says whales have stepped up positions across the key crypto assets, displaying buying activity that often marks the final phase of a bear market.
According to the report, Bitcoin whales are accumulating, with whale holdings (excluding exchanges and mining pools) rising through 2026 to roughly 3.06 million BTC. They added aggressively as the price dipped below $60,000 in June, though holdings remain below the 2025 bull-cycle peak near 3.23 million BTC.
XRP whales are quietly positioning. Spot order sizes remain in “big whale” territory while the price holds the $1.0–$1.2 range, yet 90-day taker CVD sits in a neutral phase – accumulation by absorption rather than aggressive market buying.
Large ETH holders are also accumulating. The 10k–100k balance cohort has climbed to record highs near 19.6 million ETH, and the 100k+ balance mega-whales have added roughly 1.8 million ETH since mid-2025 (about +70%). Meanwhile, the smaller 1k–10k cohort keeps distributing, down ~2.7 million ETH since January.
The report notes that valuations are approaching the undervalued zone across the board. Bitcoin ($64,000) and XRP ($1.10) trade near their realized prices ($52,900 and $0.75), while Ethereum ($1,900) trades below its realized price of ~$2,450, near the lower band – historically late-bear-market zones.
Although the firm believes the risk-reward in crypto markets has improved markedly, CryptoQuant warns further downside is always possible before a confirmed floor is reached.