Whales Accumulate Amid Price Pressure: A Bear Market Trend?

CryptoQuant's analysis suggests that large holders of Bitcoin, Ethereum, and XRP are accumulating their positions amid price pressure. Julio Moreno, head of research at CryptoQuant, notes that these whales have been increasing their balances since December 2025, when the figure hit a low of around 2.87 million BTC.

The balance of Bitcoin whales has risen to approximately 3.06 million BTC, but still remains below the bull market peak of around 3.23 million BTC in that period. Moreno believes this behavior reduces selling pressure and resembles the final phase of a bear market.

CryptoQuant also recorded mixed dynamics for Ethereum, with wallets holding 10,000-100,000 ETH accumulating the asset, increasing their balance to a record 19.6 million ETH (up from 14 million ETH in mid-2025). However, the group holding 1,000-10,000 ETH reduced their holdings.