Whales are loading up as the bear market grinds toward its floor

Bitcoin and Ethereum whales build positions into weakness

Large cryptocurrency holders are quietly accumulating $BTC, $ETH, and $XRP even as prices remain well below their 2025 highs, according to fresh on-chain data from @cryptoquant_com.

Bitcoin whale holdings, excluding exchanges and mining pools, rose to about 3.06 million BTC from 2.87 million BTC in December 2025, with accumulation accelerating after Bitcoin dropped below $60,000 in June. During the first days of August, Bitcoin traded at $63,935, remaining above its realized price of $52,900.

Ethereum wallets holding 10,000 to 100,000 ETH collectively held a record 19.6 million ETH, while wallets holding more than 100,000 ETH added roughly 1.8 million ETH since mid-2025. The scale of that absorption points to deliberate positioning rather than opportunistic trading.

In XRP markets, average spot order sizes remained in CryptoQuant's "big whale" category as the token traded between $1 and $1.20. The neutral reading of the 90-day taker cumulative volume delta indicator suggests that the process responds to a passive absorption of volume rather than aggressive market buying.

A familiar pattern, but caution remains

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

Rising whale balances during price weakness can reduce available supply and concentrate ownership among larger holders, the blockchain analytics company said in its latest Smart Money report.

Separately, 10x Research said Bitcoin could confirm a bear-market bottom with a monthly close above $63,000. Separate CryptoQuant analysis published earlier this month placed the asset's potential bear market bottom near $55,000, aligning with the asset's realized price, which has historically served as a major support level during past downturns.

The data paints a picture of institutional-scale buyers absorbing available supply across multiple assets, a behavior that has preceded recoveries in previous cycles. Whether this cycle follows the same script remains an open question, particularly with macro conditions still uncertain.

Sources:
CoinTelegraph: Bitcoin Whales Signal Possible Bear Market Bottom
KuCoin: CryptoQuant Reports Whale Accumulation in Bitcoin, Ethereum, and XRP
CoinMarketCap: Bitcoin Whale Deposits Hit Decade High as Bear Market Deepens