Crypto Whales Aggressively Accumulating Bitcoin, Ethereum, and XRP, Signaling Next Market Cycle Preparation

Amidst a persistent downturn in the cryptocurrency market, on-chain analytics platform CryptoQuant has uncovered compelling evidence: major institutional players, often referred to as “whales,” are consistently buying the dip across Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). This strategic accumulation suggests a calculated preparation for the impending market upswing.

CryptoQuant’s analysis indicates that while the bear market may be nearing its conclusion, a definitive price bottom has yet to be established, leaving open the possibility of further price corrections.

Julio Moreno, CryptoQuant’s Head of Research, elaborated in a recent report: “For Bitcoin, Ethereum, and XRP alike, the largest cohorts of holders tend to become highly active buyers when asset prices approach or dip below their ‘realized price.’ This behavior not only mitigates immediate downward pressure but is also a hallmark characteristic of the late stages of a cyclical market decline.”

Bitcoin Whales’ Holdings Rebound, Yet Below Bull Market Peaks

Excluding holdings from exchanges and mining pools, CryptoQuant data reveals a significant recovery in Bitcoin whale holdings. These substantial wallets have increased their BTC stash from a low of approximately 2.87 million BTC in December 2025 to an impressive 3.06 million BTC currently.

Moreno clarified that this data specifically filters out Bitcoin spot ETFs and digital asset reserve companies, offering a clearer picture of the movements of large private on-chain entities.

Throughout most of 2026, Bitcoin whale holdings have shown a consistent positive 30-day growth rate. Notably, this accumulation accelerated sharply in June when Bitcoin’s price dipped below the $60,000 mark.

However, current whale holdings remain below the 2025 bull market peak of approximately 3.23 million BTC. This indicates that there’s still considerable room for further accumulation before reaching previous highs, suggesting potential for sustained buying pressure.

Ethereum Sees Significant “Handover” as Whales Accumulate, Retail Sells

The Ethereum market presents an even more pronounced “handover” phenomenon, where supply is shifting from smaller retail investors to larger, more steadfast holders. CryptoQuant observes a relentless accumulation by large wallets, while medium and small-sized holders continue to divest their ETH.

Specifically, wallets holding between 10,000 and 100,000 ETH are exhibiting “strong, continuous accumulation.” Their total holdings have surged from around 14 million ETH in mid-2025 to a new record of 19.6 million ETH.

Conversely, medium-sized holders, possessing 1,000 to 10,000 ETH, have seen their holdings decline from approximately 15.6 million ETH in January of this year to 12.9 million ETH currently.

Furthermore, “super whales” – wallets holding over 100,000 ETH – have added roughly 1.8 million ETH since mid-2025. Their aggregate holdings have risen from approximately 2.6 million ETH to about 4.6 million ETH, nearing historical high levels.

Julio Moreno succinctly put it: “This is a classic bear market accumulation pattern: ‘strong hands’ are effectively absorbing the supply offloaded by ‘weak hands’.”

He emphasized that a significant concentration of Ethereum in the hands of long-term holders will drastically reduce the circulating supply. When market demand eventually recovers, this supply contraction is poised to provide substantial support to the asset’s price.

XRP Whales Position Discreetly, Market Awaits Breakthrough

XRP whales, in contrast, appear to be adopting a more “under-the-radar” positioning strategy. CryptoQuant notes that while XRP’s price has been consolidating within the $1.00 to $1.20 range, the spot market’s order book depth continues to reflect “whale-level” activity.

However, the Cumulative Volume Delta (CVD), a key indicator of active buying versus selling pressure, has reverted to a neutral zone. This suggests that market participants are absorbing selling pressure through passive limit orders rather than aggressive market buys.

CryptoQuant concludes: “The combination of substantial passive limit orders and neutral CVD data points to discreet accumulation and base formation within the current price range. This signifies neither a complete market capitulation nor the emergence of confirmed breakthrough momentum yet.”

Bitcoin Nears Cost Basis, Ethereum Remains Below Realized Price

To provide further valuation context, CryptoQuant compared the market price of these three prominent crypto assets against their “realized price” – essentially the average price at which all coins currently in circulation were last moved on-chain.

Bitcoin’s current price of approximately $64,600 stands above its realized price of about $52,900. Historically, the final correction phases of previous Bitcoin bear markets often saw the market price converge with or dip below the realized price.

XRP is currently trading around $1.10, also above its realized price of approximately $0.75. Ethereum, however, is trading around $1,900, which notably “falls below” its realized price of about $2,450.

Julio Moreno offered a concluding perspective: “Since the onset of the bear market, the market’s risk-reward ratio has significantly diminished. However, considering current valuation levels, there remains a possibility of another dip before a true market bottom is definitively established.”