CryptoQuant Reports BTC, ETH, and XRP Whale Accumulation Signals Approaching Bear Market End

Large holders of Bitcoin, Ether, and XRP continued to accumulate throughout the recent market downturn, according to analytics firm CryptoQuant.

In its weekly report titled Buying the Bear: A Signal of the Bear Market's Final Stage, CryptoQuant analyzed the accumulation patterns of the largest cryptocurrency wallets and concluded that steady buying by major holders mirrors behavior typically observed during the final phase of a bear market. The divergence between large and small holders has been a recurring feature across previous crypto cycles, where concentrated accumulation by whales has historically preceded broader market recoveries — though timing has varied significantly between cycles.

Whale Accumulation Across BTC, ETH, and XRP

On the Bitcoin network, wallets associated with large holders — excluding exchanges and miners — grew their combined balance to approximately 3.06 million BTC this year. The pace of buying picked up after Bitcoin dropped below $60,000 in June, although total holdings still sit beneath the peak reached during the 2025 cycle.

Ethereum exhibited an even more pronounced accumulation trend. Wallets holding between 10,000 and 100,000 $ETH set a new record of 19.6 million $ETH. Addresses containing more than 100,000 $ETH acquired roughly 1.8 million $ETH since mid-2025, increasing their holdings by approximately 70%.

This trend stood in contrast to the behavior of smaller Ethereum holders. CryptoQuant observed that wallets outside the largest-tier groups trimmed their combined balance by about 2.7 million $ETH since January, highlighting an widening divergence between large and retail holders. Such divergences are closely watched by on-chain analysts as a gauge of conviction among sophisticated participants relative to the broader market.

A comparable pattern emerged in $XRP, where large holders kept adding to their positions despite broader market unease and liquidation events.

Realized Prices Suggest Late-Stage Bear Market

The accumulation activity coincides with all three assets trading in the vicinity of key realized price levels. Realized price — a metric widely used to evaluate market cycles — estimates the average cost basis across all holders and has historically served as a reference point for distinguishing between bear and bull phases.

Bitcoin was trading near $65,000 against a realized price of approximately $52,900. Ether was changing hands around $1,920, compared with a realized price of roughly $2,450. $XRP traded at approximately $1.04, with a realized price near $0.75. CryptoQuant characterized these levels as consistent with late-stage bear market conditions.

According to the firm, the combination of sustained whale accumulation and market prices hovering near realized values aligns with the closing chapter of a bear market. However, CryptoQuant cautioned that additional downside remains possible before a definitive market bottom is established. Whether whale accumulation continues at the current pace — or whether retail holders begin re-entering — will be a key signal for analysts monitoring the trajectory of the cycle.