The firm said whale accumulation near realized prices aligns with the late stage of a bear market.
Large Bitcoin, Ether, and XRP holders continued accumulating during recent market weakness, analytics firm CryptoQuant said.
The firm’s weekly report, Buying the Bear: A Signal of the Bear Market’s Final Stage, examined the recent accumulation by the largest wallets. It said the steady buying reflects behavior often seen during the closing phase of a bear market.
Whales Accumulate Bitcoin, Ethereum, and XRP
For Bitcoin, wallets linked to major holders, excluding exchanges and miners, expanded their combined balance to about 3.06 million BTC this year. Buying accelerated after Bitcoin fell below $60,000 in June, though holdings remain below the 2025 cycle peak.
Ethereum showed an even stronger accumulation trend among its largest holders. Wallets holding between 10,000 and 100,000 ETH reached a record of 19.6 million ETH. Addresses with more than 100,000 ETH have added about 1.8 million ETH since mid-2025, lifting their holdings by roughly 70%.
The accumulation trend contrasted with activity among smaller Ethereum holders. CryptoQuant noted that wallets outside the largest groups reduced their combined balance by about 2.7 million ETH since January, showing a growing divide between large and smaller holders.
A similar shift was also visible in XRP, where large holders continued increasing their positions despite fears and liquidations.
Realized Prices Point to Late Bear Market Conditions
The recent accumulation comes as all three assets trade near key realized price levels. Realized price is widely used to assess market cycles because it estimates the average acquisition cost of holders.
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Bitcoin was trading around $65,000 compared with a realized price of roughly $52,900, while Ether changed hands near $1,920 against a realized price of about $2,450. XRP traded near $1.04 with a realized price of approximately $0.75, levels the firm described as consistent with late-stage bear market conditions.
According to CryptoQuant, the combination of whale accumulation and prices trading near realized values is consistent with the closing phase of a bear market. The firm added that further downside remains possible before a market bottom is confirmed.
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