Crypto Whales Accumulate as Bear Market Nears Late Stage
CryptoQuant has observed large cryptocurrency holders accumulating Bitcoin and Ether as valuations approach levels associated with the final stage of a bear market.
Rising whale balances during price weakness can reduce available supply and concentrate ownership among larger holders, according to CryptoQuant's latest Smart Money report.
Bitcoin whale holdings rose to about 3.06 million BTC from 2.87 million BTC in December 2025, with accumulation accelerating after Bitcoin dropped below $60,000 in June.
Ethereum wallets holding 10,000 to 100,000 ETH collectively held a record 19.6 million ETH, while those holding more than 100,000 ETH added roughly 1.8 million ETH since mid-2025.