CryptoWhales Accumulate as Analysts Call Final Phase of Bear Market
Large cryptocurrency holders are quietly increasing their positions in Bitcoin (BTC), Ethereum (ETH), and XRP, according to on-chain analytics firm CryptoQuant. This pattern mirrors the final stage of a bear market cycle, even as prices remain under pressure.
CryptoQuant's head of research, Julio Moreno, noted that whale cohorts across the three major digital assets have been accumulating while prices hovered near or below their realized prices, the average on-chain cost basis of circulating coins. This positioning helps to ease downward pressure and is consistent with the final phase of a market cycle downturn.
Bitcoin whales have increased their combined balance from approximately 2.87 million BTC at the end of 2025 to around 3.06 million BTC recently, while Ethereum's accumulation pattern is more nuanced. Mega whales holding over 100,000 ETH have added around 1.8 million ETH since mid-2025, pushing their total holdings to 4.6 million ETH, a nearly 70% increase.
XRP whales are also quietly building positions, with spot order sizes remaining at 'large whale' levels while XRP trades in the $1.00 to $1.20 range. The cumulative volume delta (CVD) has moved into neutral territory, suggesting that rather than pushing prices higher with aggressive market orders, whales are absorbing sell-side liquidity through large limit orders.