Large cryptocurrency holders are actively accumulating across Bitcoin, Ethereum, and XRP as prices remain under pressure during the ongoing bear market. According to CryptoQuant's Smart Money report, Bitcoin whales now hold approximately 3.06 million BTC, up from around 2.87 million BTC in December 2025, with the largest buying occurring as price fell below $60,000 in June 2026. The firm describes this positioning as 'quiet absorption' rather than capitulation, with buying becoming much stronger after Bitcoin's price slipped below $60,000. CryptoQuant head of research Julio Moreno notes that this positioning aligns with the final phase of a market cycle downturn, helping to ease downward pressure. For XRP, large holders have maintained their accumulation strategy throughout the token's significant decline from approximately $2.40 in January to the current $1.00 to $1.20 range, with average spot order sizes remaining in what the firm classifies as 'big-whale' territory throughout 2026. This whale accumulation behavior is historically associated with the later stages of bear markets, though the analytics firm cautions that further price declines cannot be ruled out before a definitive bottom is confirmed.
Ethereum presents the strongest valuation case among major cryptocurrencies, trading around $1,858 against a realized price near $2,450, meaning the aggregate cost basis of all coins sits above the current price and holders are underwater on paper. As reported by CryptoQuant, this makes Ether the only major token trading below its realized value, while Bitcoin trades roughly 17% above its $52,900 realized price and XRP sits near $1.10 against about $0.75. The firm warns that Ether's below-cost trading represents the key metric to watch for potential further decline. CryptoQuant head of research Julio Moreno explains that accumulation during a bear market shows strong hands absorbing supply from weaker ones, with ownership concentrating among large holders shrinking the immediately tradeable circulating supply. This behavior is often interpreted as a sign of confidence in long-term value, even as retail sentiment remains cautious.
Onchain data reveals mixed whale behavior across different cryptocurrencies during the current downturn. According to CryptoQuant's Smart Money report, Bitcoin whales, excluding exchange and mining-pool addresses, have increased from 2.87 million BTC in December 2025 to approximately 3.06 million now, with the largest buying occurring as price fell below $60,000 in June 2026. However, the current whale balance remains below the 2025 bull market peak of roughly 3.23 million BTC, suggesting that large investors still have room to add to their positions. Ether's holder base shows 10,000 to 100,000 ETH wallets rising from about 14 million ETH in mid-2025 to record highs near 19.6 million, while the 100,000-plus cohort increased by roughly 1.8 million ETH from mid-2025 to May 2026. Mega whales holding more than 100,000 ETH have added around 1.8 million ETH since mid-2025, pushing their total holdings from about 2.6 million ETH to 4.6 million ETH—a nearly 70% increase that brings them close to record levels. This trend of accumulation among whale addresses across the three major cryptocurrencies aligns with previous market cycles where institutional and high-net-worth investors gradually build positions during prolonged price declines.
Recent price movements show Bitcoin trading at $64,700 during the first days of August, remaining above its realized price of $52,900, while Ether was positioned at $1,858, trading below its estimated realized price of $2,450. In the case of XRP, the asset recorded a value of approximately $1.10 against a realized price of $0.75. According to CryptoQuant, the increase in whale balances during periods of price contraction constitutes a historical signal linked to the formation of market bottoms. However, the analytics firm warned that the current context still displays vulnerability to potential further downside corrections. The neutral reading of the 90-day taker cumulative volume delta indicator for XRP suggests that the process responds to a passive absorption of volume rather than aggressive market buying, indicating a measured approach to accumulation. BeInCrypto has also highlighted that XRP inflows to Binance have fallen to a record low, reinforcing the absorption pattern across major exchanges.
Despite whale accumulation patterns, CryptoQuant maintains a cautious outlook for the cryptocurrency market while identifying potential bottoming indicators. The firm calls this the last stage of the decline while stating plainly that valuation leaves room for one more leg lower before a durable floor is established. The analysis comes as other researchers have also identified potential bottoming indicators, with 10x Research suggesting Bitcoin could confirm a bear-market bottom with a sustained monthly close above $63,000, and K33 noting that cycle lows are usually reached a few weeks after more than half of the circulating supply is held at a loss. Glassnode has described the bottom conditions as 'assembling but incomplete', writing that 'bottom signals assembling through boredom, not capitulation; still short of every prior bear's floor'. CryptoQuant notes that institutional flows into spot Bitcoin ETFs reached $211.49 million on August 4, while spot Ethereum ETFs drew $53.75 million, indicating that institutional demand remains concentrated in the two largest digital assets. However, analysts warn that whale accumulation is not a definitive bottom and further downside is possible, so investors should treat this behavior as one signal alongside macro, regulatory and market risk factors.
