CryptoQuant: Whales Accumulate BTC, ETH, XRP Ahead of Late-Stage Bear Market

CryptoQuant, a crypto analytics firm, has observed that Bitcoin, Ether, and XRP whales are accumulating large holdings in anticipation of a late-stage bear market. This trend is characterized by large holders adding to their supply while prices remain near or below realized price.

According to CryptoQuant's head of research, Julio Moreno, this positioning reduces downside pressure and matches the final phase of a cyclical decline. He emphasized that the market has not yet confirmed a bottom and prices could still fall further.

The analysis found that Bitcoin whale holdings have recovered to about 3.06 million BTC from a low of 2.87 million BTC in December 2025, with accumulation accelerating after Bitcoin fell below $60,000 in June. Holdings are still below the 2025 bull-market peak of about 3.23 million BTC.

In Ether, large and small wallets have moved in opposite directions, with mega-whale wallets holding more than 100,000 ETH buying 1.8 million ETH since mid-2025, lifting holdings to 4.6 million ETH from 2.6 million ETH. This represents an increase of about 70%. By contrast, wallets holding 1,000 to 10,000 ETH reduced their balances.

For XRP, spot order sizes have remained at whale levels as the token trades sideways between $1.00 and $1.20. CryptoQuant said cumulative volume delta (CVD) moving into neutral territory suggests accumulation through passive absorption rather than aggressive buying.