Large cryptocurrency holders are steadily accumulating Bitcoin (BTC) and Ether (ETH) as valuations approach levels historically associated with the final phase of a bear market, according to blockchain analytics firm CryptoQuant, a widely cited provider of on-chain market intelligence.

In its latest Smart Money report, reviewed by Cointelegraph, CryptoQuant noted that rising whale balances during periods of price weakness can reduce available supply and increasingly concentrate ownership among larger holders — a dynamic that, if sustained, may tighten liquid supply available for trading even as retail sentiment remains subdued.

Bitcoin Whale Holdings Climb

Bitcoin whale holdings — excluding balances held on exchanges and in mining pools — rose to approximately 3.06 million BTC, up from 2.87 million BTC in December 2025. The pace of accumulation accelerated after Bitcoin fell below $60,000 in June.

Source: CryptoQuant

On the Ethereum side, wallets holding between 10,000 and 100,000 ETH collectively held a record 19.6 million ETH. Meanwhile, wallets holding more than 100,000 ETH added roughly 1.8 million ETH since mid-2025.

In XRP markets, average spot order sizes remained within CryptoQuant's "big whale" category as the token traded between $1 and $1.20. However, a neutral 90-day taker cumulative volume delta — a metric that tracks the net balance between buyer- and seller-initiated trades — suggested passive absorption rather than aggressive buying, the report stated.

Related: Bitcoin may have bottomed before its traditional cycle low: Grayscale's Pandl

Realized Price Points to Late-Stage Bear Market

CryptoQuant also highlighted realized price — an on-chain metric estimating the aggregate cost basis of all coins based on their last on-chain movement — as further evidence that the market may be nearing a bottom. When spot price falls below realized price, a meaningful share of holders are effectively underwater, a condition that has historically coincided with late-cycle capitulation phases.

According to CoinGecko, Bitcoin traded at $63,935 at the time of writing, above its realized price of $52,900. Ether traded at $1,858, below its realized price of approximately $2,450. XRP traded at roughly $1.10 compared with a realized price of about $0.75.

"Rising whale balances into price weakness is the clearest smart-money tell," CryptoQuant said. The firm noted that this accumulation pattern has historically preceded market bottoms, while cautioning that the market remains exposed to further downside.

Other Researchers Identify Bottoming Indicators

CryptoQuant's analysis aligns with findings from other research firms. On Monday, 10x Research said Bitcoin could confirm a bear-market bottom with a monthly close above $63,000. In a July 7 report, K33 noted that Bitcoin has historically reached cycle lows within weeks after more than half of its circulating supply was held at a loss. The convergence of bottoming signals across multiple independent on-chain frameworks underscores the extent to which large-holder behavior and network cost-basis metrics are being tracked as complementary indicators of cycle positioning.

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