Cryptocurrency analytics firm CryptoQuant has reported that institutional and high-net-worth investors—often described as smart money—are steadily increasing their positions across major digital assets, even as smaller, retail-sized participants exhibit divergent behavior. The data aligns with a broader on-chain pattern observed in previous crypto market cycles, where large entities accumulate during periods of depressed prices and reduced retail interest.

Bitcoin Whales Add During June Dip

Bitcoin whales have been accumulating throughout 2026. According to CryptoQuant data, addresses excluding exchanges and mining pools now hold approximately 3.06 million BTC. These large entities added aggressively during the June pullback below $60,000, although current holdings still sit beneath the 2025 bull-cycle peak of roughly 3.23 million BTC.

Ethereum: Supply Shifting From Mid-Tier to Mega-Whales

Ethereum's accumulation pattern is more layered. The 10,000 to 100,000 ETH balance cohort has reached record highs near 19.6 million ETH. Meanwhile, mega-whales holding over 100,000 ETH have expanded their positions by approximately 1.8 million ETH since mid-2025—a 70% increase.

Conversely, the smaller 1,000 to 10,000 ETH cohort has distributed roughly 2.7 million ETH since January, pointing to a transfer of supply from mid-sized holders to the largest ones. Such supply concentration trends have historically been tracked as indicators of changing market structure, though outcomes vary across cycles.

XRP Whales Quietly Building

XRP whales are also accumulating. Spot order sizes remain in what analysts describe as "big whale" territory while the asset trades within a $1.00 to $1.20 range. The 90-day taker Cumulative Volume Delta (CVD)—a metric measuring the net difference between aggressive buy and sell orders—remains in a neutral phase, suggesting that accumulation is occurring through passive absorption rather than aggressive market buying.

Major Assets Trading Near Realized Prices

From a valuation perspective, major assets are approaching levels historically tied to late-stage bear markets. Realized price, which reflects the aggregate cost basis of all coins based on their last on-chain movement, is widely used by analysts as a long-term valuation benchmark; trading near or below this level has historically coincided with capitulation phases in prior cycles. Bitcoin, trading near $64,000, and XRP, around $1.10, are both positioned close to their respective realized prices of approximately $52,900 and $0.75. Ethereum, currently near $1,900, is trading below its realized price of roughly $2,450 and sits near the lower end of its valuation band.

At the time of writing, Bitcoin changed hands at $64,471, reflecting a 0.68% daily gain with an intraday range between $63,860 and $64,920. Ethereum stood at $1,898, up 1.63% over the past 24 hours, having traded between $1,857 and $1,922.

The global cryptocurrency market capitalization reached $2.2 trillion, a 0.42% increase, while total 24-hour trading volume rose 3.36% to $57.34 billion.

Analysts: Improved Risk-Reward, but Floor Not Yet Confirmed

CryptoQuant analysts note that risk-reeward profiles have improved as large holders absorb supply, reducing downside pressure and potentially signaling the final phase of the bear market. However, they caution that the market is not fully de-risked, and from a valuation standpoint, further downside remains possible before a confirmed floor is established.

Source: Metaverse Post