Large cryptocurrency holders are increasing their bitcoin, ether, and XRP positions as prices remain under pressure, according to CryptoQuant. The blockchain analytics firm said the accumulation activity signals the bear market is likely in its final stage, though a confirmed bottom has not been reached and prices may still fall further. CryptoQuant's head of research, Julio Moreno, stated in a Wednesday report that the largest cohorts are adding supply as prices sit near or below their realized prices, positioning that lowers downside pressure and is consistent with the final phase of the cycle's decline.
Bitcoin Whale Balances Climb to 3.06 Million BTC
Bitcoin whale balances, excluding exchanges and mining pools, have climbed to approximately 3.06 million BTC after bottoming near 2.87 million BTC in December 2025, CryptoQuant said. The data also excludes exchange-traded funds and 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. Whale balances remain below the 2025 bull-market peak of approximately 3.23 million BTC, leaving room for further accumulation, according to CryptoQuant.
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Ether and XRP Holders Show Divergent Accumulation Patterns
Larger ether 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 approximately 14 million ETH in mid-2025, CryptoQuant noted. The smaller cohort holding 1,000 to 10,000 ETH has reduced its holdings to 12.9 million ETH from approximately 15.6 million ETH in January this year, CryptoQuant said.
Mega whales holding more than 100,000 ETH have also added approximately 1.8 million ETH since mid-2025, an increase of roughly 70%, CryptoQuant noted. Their combined balance rose from approximately 2.6 million ETH to around 4.6 million ETH and remains near record levels.
Moreno said this is what accumulation looks like in a bear market, with strong hands absorbing weak-hand supply. He stated that concentrating ownership in large holders tightens available float and is constructive for ETH once demand returns, even as price sits below its cost basis.
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XRP whales are quietly positioning, CryptoQuant said. Spot order sizes stay in big whale territory even as XRP's price holds the $1.00 to $1.20 range. Cumulative volume delta, a measure of aggressive buying and selling, has moved into neutral territory, suggesting accumulation by absorption rather than aggressive market buying, CryptoQuant said.
CryptoQuant stated that big passive orders plus neutral CVD point to quiet absorption and a basing range, not capitulation but not yet a confirmed breakout either.
Market Price Versus Realized Price Comparisons
CryptoQuant 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 approximately $0.75. Ether is trading below its realized price at around $1,900, compared with a realized price of approximately $2,450.
Moreno said 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.
FAQ
What did CryptoQuant report about bitcoin whale accumulation?
CryptoQuant reported that bitcoin whale balances, excluding exchanges and mining pools, have climbed to approximately 3.06 million BTC after bottoming near 2.87 million BTC in December 2025. The firm noted that whale holdings have recorded positive 30-day growth for most of 2026, with accumulation increasing when bitcoin's price fell below $60,000 in June.
How are ether holders behaving according to CryptoQuant's analysis?
CryptoQuant said larger ether wallets are accumulating while smaller holders have continued to sell. Wallets holding between 10,000 and 100,000 ETH increased their balances to a record 19.6 million ETH from approximately 14 million ETH in mid-2025. Mega whales holding more than 100,000 ETH have added approximately 1.8 million ETH since mid-2025, an increase of roughly 70%.
What does CryptoQuant say about current cryptocurrency valuations?
CryptoQuant reported that bitcoin is trading at around $64,640, above its realized price of $52,900. Ether is trading below its realized price at around $1,900 compared with a realized price of approximately $2,450. XRP is trading near $1.1 compared with a realized price of approximately $0.75. CryptoQuant's head of research stated that valuation leaves room for one more leg lower before the floor is confirmed.
