Whales Flock to Bitcoin and Ether Amid Late-Stage Bear Market

CryptoQuant's latest Smart Money report suggests that large 'smart money' holders are accumulating Bitcoin and Ether, even as their valuations drift toward levels associated with late-stage bear markets.

The blockchain analytics firm notes that whale balances have continued to rise during price weakness, a pattern that has historically lined up with market bottoms. For Bitcoin, whale holdings excluding exchanges and mining pools climbed to approximately 3.06 million BTC in the latest report, up from around 2.87 million BTC in December 2025.

The acceleration in accumulation occurred after Bitcoin dipped below $60,000 in June, according to CryptoQuant. The firm also highlights that Ethereum wallets holding between 10,000 and 100,000 ETH collectively amassed a record 19.6 million ETH, while very large holders added around 1.8 million ETH since mid-2025.

CryptoQuant's report warns that further downside remains possible despite the accumulation patterns. The firm emphasizes that rising whale balances into price weakness are 'the clearest smart-money tell,' but notes that it does not guarantee an immediate reversal or a trend change.