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Large holders accumulate Bitcoin and Ethereum as bear market enters final stage

CryptoQuant reports that major cryptocurrency holders increased positions during recent weakness, citing the pattern as historically consistent with market bottoms.

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Bitcoin whale holdings, excluding exchanges and mining pools, rose to approximately 3.06 million BTC from 2.87 million BTC in December 2025, with accumulation accelerating after Bitcoin fell below $60,000 in June. Ethereum wallets holding between 10,000 and 100,000 ETH reached a record 19.6 million ETH collectively, while larger wallets holding more than 100,000 ETH added roughly 1.8 million ETH since mid-2025.

According to CryptoQuant's Smart Money report, rising whale balances during price weakness can reduce available supply and concentrate ownership among larger holders. The analytics company noted that this accumulation pattern has historically preceded market bottoms, though it cautioned the market remains exposed to further downside. In XRP markets, average spot order sizes remained in the "big whale" category while price traded between $1 and $1.20, though the neutral 90-day taker cumulative volume delta suggested passive absorption rather than aggressive buying.

CryptoQuant also pointed to realized price—an estimate of the market's average onchain cost basis—as evidence the market may be approaching a bottom. At the time of reporting, Bitcoin traded at $63,935, above its realized price of $52,900, while Ethereum traded at $1,858, below its realized price of about $2,450. XRP traded near $1.10 compared with a realized price of approximately $0.75.

Other researchers have identified similar potential bottoming indicators. On Monday, 10x Research stated Bitcoin could confirm a bear-market bottom with a monthly close above $63,000, while K33 reported in a July 7 analysis that Bitcoin has historically reached cycle lows within weeks after more than half of its circulating supply was held at a loss.

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