Bitcoin, Ether, XRP Whale Buying Signals Bear Market’s Late Stage, CryptoQuant Says

Bitcoin, Ether and XRP whales are increasing their holdings, pointing to a late-stage bear market, according to CryptoQuant.

The crypto analytics firm said in a recent report, cited by The Block on August 5, that large holders across Bitcoin, Ether and XRP have been adding to supply while prices remain near or below realized price.

Julio Moreno, CryptoQuant’s head of research, said the positioning reduces downside pressure and matches the final phase of a cyclical decline. He added that the market has not yet confirmed a bottom and prices could still fall further.

Bitcoin whale holdings, excluding exchanges, mining pools, ETFs and digital-asset treasury companies, have recovered to about 3.06 million BTC from a low of 2.87 million BTC in December 2025. Whale balances rose on a 30-day basis through most of this year, with accumulation accelerating after Bitcoin fell below $60,000 in June, CryptoQuant said. Holdings are still below the 2025 bull-market peak of about 3.23 million BTC, leaving room for further accumulation.

In Ether, large and small wallets have moved in opposite directions. Wallets holding 10,000 to 100,000 ETH steadily increased their balances from about 14 million ETH in mid-2025 to a record 19.6 million ETH. So-called mega-whale wallets holding more than 100,000 ETH also bought about 1.8 million ETH since mid-2025, lifting holdings to 4.6 million ETH from 2.6 million ETH, an increase of about 70%. By contrast, wallets holding 1,000 to 10,000 ETH reduced their balances to 12.9 million ETH from 15.6 million ETH in January.

“That is what accumulation in a bear market looks like,” Moreno said. “Strong hands are absorbing supply from weak hands.” As ownership becomes more concentrated among large holders, circulating supply declines, which could support Ether prices when demand returns.

For XRP, spot order sizes have remained at whale levels as the token trades sideways between $1.00 and $1.20. CryptoQuant said cumulative volume delta, or CVD, moving into neutral territory suggests accumulation through passive absorption rather than aggressive buying. Large passive orders and neutral CVD point to quiet absorption and the formation of a price base, rather than capitulation or a confirmed breakout, it said.

CryptoQuant also compared the three assets’ current market prices with their realized prices. Bitcoin is trading at $64,640, above its realized price of $52,900. XRP is trading at about $1.10, above its realized price of $0.75. Ether, by contrast, is trading at about $1,900, below its realized price of $2,450. Moreno said risk-adjusted returns have fallen sharply since the bear market began, but current valuations still leave room for one more drop before a bottom is confirmed.