Key Highlights
- CryptoQuant says Bitcoin, Ethereum, and XRP whales are buying while many retail investors continue selling.
- Large Bitcoin and Ethereum holders have increased their holdings, while XRP whales are quietly building positions.
- The firm believes the bear market may be in its final stage but says prices could still fall before a confirmed bottom.
Large investors are quietly buying more Bitcoin, Ethereum, and XRP even as the crypto market remains under pressure, according to a blockchain analytics firm CryptoQuant.
In a report published on Wednesday, the firm said that while many smaller investors are selling their coins during the ongoing bear market, whales are steadily increasing their holdings. CryptoQuant said this could mean the market is entering the final stage of its downturn, although it warned that prices could still fall before reaching a confirmed bottom.
The report highlights a widening gap between investor groups. While many retail traders continue reducing exposure as prices remain weak, whales are steadily adding to their positions.
CryptoQuant said this pattern has often emerged during the later stages of previous bear markets. “Across bitcoin, ether and XRP, the largest cohorts are adding supply as prices sit near or below their realized prices,” CryptoQuant Head of Research Julio Moreno said. “This positioning lowers downside pressure and is consistent with the final phase of the cycle’s decline.”
Bitcoin whales continue to add more coins
For Bitcoin, CryptoQuant said wallets owned by Bitcoin whales now hold about 3.06 million BTC. That figure had dropped to around 2.87 million BTC in December 2025 before starting to climb again. The firm added that buying became much stronger after Bitcoin’s price slipped below $60,000 in June.
At the time of this writing (1:35 AM IST), BTC was trading for $64,863, approaching the $65,000 mark after gaining 1.66% over the past month.
Even with this increase, the firm said whale holdings are still below the previous peak of about 3.23 million BTC reached during the last bull market, showing there is still room for more accumulation.
The report noted that these Bitcoin figures do not include coins held by exchanges, mining pools, exchange-traded funds, or digital asset treasury companies. Instead, they focus on large private holders to better show what long-term investors are doing.
Ethereum whales are buying while smaller holders sell
Ethereum is showing a similar trend, but the difference between large and small investors is even more noticeable.
CryptoQuant said wallets holding between 10,000 and 100,000 ETH have continued buying throughout the bear market, pushing their combined holdings to a record 19.6 million ETH. At the same time, wallets holding between 1,000 and 10,000 ETH have been reducing their balances, falling from about 15.6 million ETH in January to 12.9 million ETH.
The firm also highlighted the activity of what it calls “mega whales,” or wallets with more than 100,000 ETH. Since the middle of 2025, these wallets have added around 1.8 million ETH, increasing their combined holdings by about 70% to roughly 4.6 million ETH.
“This is what accumulation looks like in a bear market: strong hands absorbing weak-hand supply,” Moreno said. “Concentrating ownership in large holders tightens available float and is constructive for ETH once demand returns — even as price sits below its cost basis.”
For XRP, the buying has been less obvious but still important. CryptoQuant said large investors are quietly building their positions while the token continues trading between $1.00 and $1.20.
CryptoQuant says the bottom may not be in yet
The report also looked at how current prices compare with each asset’s realized price. Realized price is an on-chain measure that shows the average price at which coins were last moved.
Bitcoin’s current price of $64,863 remains above its realized price of $52,900, providing an on-chain cost-basis floor, while XRP is changing hands near $1.10 against a realized price of about $0.75. Ethereum stands out as the only asset trading below its realized price, priced around $1,900 compared with a realized price of roughly $2,450.
According to CryptoQuant, assets trading near or below their realized prices have often been seen during the later stages of previous bear markets. Even so, the firm said investors should not assume the market has already reached its lowest point.
“The risk-reward ratio has declined significantly since the bear market began — but valuation leaves room for one more leg lower before the floor is confirmed,” Moreno said.
Also Read: “Tranquilize the Bears”: Saylor Roasts Cramer After CNBC Host Vows to Dump All His Bitcoin
