Large cryptocurrency holders are loading up on Bitcoin, Ether and XRP as prices approach levels historically linked to the final stage of a bear market, according to blockchain analytics firm CryptoQuant.
The findings come from CryptoQuant’s latest Smart Money report, which tracked on-chain balances across major assets. The firm said rising whale balances during periods of price weakness tend to reduce available supply and concentrate holdings among larger participants.
Bitcoin Whale Holdings Surge
Bitcoin whale balances, excluding exchanges and mining pools, climbed to roughly 3.06 million BTC from 2.87 million BTC in December 2025. CryptoQuant noted that accumulation accelerated noticeably after Bitcoin dropped below $60,000 in June.
Bitcoin was trading at $63,935 as of 5 August, above its realised price of $52,900. The realised price represents an estimate of the market’s average on-chain cost basis and is widely used as a benchmark for assessing whether the broader market is in profit or loss.
Ethereum Whale Wallets Hit Records
On the Ethereum side, wallets holding between 10,000 and 100,000 ETH collectively reached a record 19.6 million ETH. Wallets holding more than 100,000 ETH added approximately 1.8 million ETH since mid-2025.
Ether was trading at $1,858, below its realised price of approximately $2,450, suggesting the average Ethereum holder remains underwater on their position.
XRP Whales Absorb Supply Passively
In XRP markets, average spot order sizes remained in what CryptoQuant classifies as its ‘big whale’ category while the token traded in a range of $1 to $1.20. However, a neutral 90-day taker cumulative volume delta reading pointed to passive absorption of supply rather than aggressive directional buying. XRP was trading at roughly $1.10 against a realised price of approximately $0.75, meaning the average XRP holder remains in profit.
Valuations Point to Late-Stage Bear Market
CryptoQuant cited the relationship between current prices and realised prices across assets as evidence that the market may be closing in on a bottom. The firm was direct in its assessment: ‘Rising whale balances into price weakness is the clearest smart-money tell,’ while also cautioning that the market remains exposed to further downside.
Separate research firms have reached similar conclusions through different methods. 10x Research said Bitcoin could confirm a bear-market bottom with a monthly close above $63,000. K33, in a July 7 report, said Bitcoin has historically reached cycle lows within weeks of more than half of its circulating supply being held at a loss.
