A crypto analytics firm says large investors are boosting their stakes in Bitcoin, Ethereum and XRP, hinting that the prolonged market downturn could soon be over.
CryptoQuant’s new report, “Buying the Bear: A Signal of the Bear Market’s Final Stage” examines the recent accumulation by the largest wallets.
The firm says whales have stepped up positions across the key crypto assets, displaying buying activity that often marks the final phase of a bear market.
“Smart money is positioning across the majors.
Bitcoin whales are accumulating. Bitcoin whale holdings (excluding exchanges and mining pools) have risen through 2026 to roughly 3.06M BTC, with whales adding aggressively as price dipped below $60K in June — though still below the 2025 bull-cycle peak near 3.23M.
XRP whales are quietly positioning. Spot order sizes remain in “big whale” territory while price holds the $1.0–$1.2 range, yet 90-day taker CVD sits in a neutral phase — accumulation by absorption rather than aggressive market buying.
Large ETH holders are accumulating the bear market. The 10k–100k balance cohort has climbed to record highs near 19.6M ETH and the 100k+ balance mega-whales have added roughly 1.8M ETH since mid-2025 (about +70%), even as the smaller 1k–10k cohort keeps distributing — down ~2.7M ETH since January. Valuations are approaching the undervalued zone across the board. Bitcoin (~$64K) and XRP (~$1.1) trade near their realized prices ($52.9K and ~$0.75), while ETH (~$1,900) trades below its realized price of ~$2,450, near the lower band — historically late-bear-market zones.”
Although the firm believes the risk-reward in crypto markets has improved markedly, CryptoQuant warns further downside is always possible before a confirmed floor is reached.
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