CryptoQuant says whales are accumulating Bitcoin (BTC), Ether (ETH), and XRP (XRP), a pattern it links to a late-stage bear market.
Key Points:
- Bitcoin whale balances reached about 3.06 million BTC after a December 2025 low near 2.87 million.
- Large Ether wallets expanded while smaller holders sold, and XRP whales used passive orders around $1.00 to $1.20.
- CryptoQuant sees improving risk-reward, but it says another decline may come before the market confirms a floor.
Crypto Whale Buying
The blockchain analytics firm outlined the trend in an Aug. 5 report cited by The Block, saying large holders increased positions while all three assets remained under price pressure. Head of research Julio Moreno said the activity could prepare whales for the next market cycle. A bottom remains unconfirmed.
Bitcoin whale balances, excluding exchanges and mining pools, rose to about 3.06 million BTC from a December 2025 low near 2.87 million BTC.
Buying accelerated below $60,000 in June. Holdings still trail the 2025 bull-market peak of roughly 3.23 million BTC, leaving room for further accumulation, CryptoQuant said.
Ether wallets holding 10,000 to 100,000 ETH increased their combined balance to a record 19.6 million ETH from about 14 million in mid-2025. Wallets above 100,000 ETH added about 1.8 million ETH, while the 1,000-to-10,000 ETH group fell to 12.9 million from 15.6 million in January.
XRP whales also maintained large spot orders while the token traded between $1.00 and $1.20, according to the report. Their buying was mostly passive.
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CryptoQuant Bear Outlook
“This is what accumulation looks like in a bear market: strong hands absorbing weak-hand supply,” Moreno said. CryptoQuant said that shift can tighten available supply and support Ether when broader demand returns. The signal is not a breakout.
CryptoQuant placed Bitcoin’s realized price near $52,900, compared with a market price around $64,640, while XRP traded near $1.10 against a realized price of about $0.75.
Ether remained below its own benchmark. At about $1,900, it traded under a realized price near $2,450, leaving room for another decline before the market confirms a floor.
Earlier bear markets entered their final stage when Bitcoin approached its realized price, but this cycle has not repeated that condition fully. The floor is still uncertain. Since December, rising whale balances have strengthened the accumulation case, even as prices and valuation measures continue to leave room for another selloff.
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