Large crypto holders are increasing their bitcoin (BTC), ether (ETH), and XRP (XRP) positions as prices remain under pressure, according to CryptoQuant, suggesting they may be preparing for the next market cycle. The firm noted the bear market may be in its final stage but emphasized the market has not yet reached a confirmed bottom.
CryptoQuant’s analysis highlights a shift in investor behaviour, with large holders accumulating assets despite ongoing price declines. Bitcoin whale balances, excluding exchanges and mining pools, rose to 3.06 million BTC in 2026, up from 2.87 million BTC in December 2025, according to the firm. This trend, observed as BTC fell below $60,000 in June, aligns with historical patterns of accumulation during bear markets.
Ether’s large wallets holding between 10,000–100,000 ETH expanded to 19.6 million ETH from 14 million ETH in mid-2025, reflecting sustained interest in the asset. XRP’s price remained within the $1.00–$1.20 range, with spot order sizes indicating “big whale” activity. However, the firm cautioned that the market’s current state remains ambiguous, with no definitive confirmation of a bottom.
Julio Moreno, head of research at CryptoQuant, noted that large holders are “absorbing weak-hand supply” as prices sit near or below realized prices for BTC, ETH, and XRP. He described the positioning as “lowering downside pressure” and consistent with the final phase of a cycle’s decline.
The firm’s analysis also pointed to neutral cumulative volume delta (CVD) metrics for XRP, suggesting “quiet absorption” rather than capitulation. While some indicators hint at a potential market turnaround, CryptoQuant stressed that the bear market’s conclusion remains unconfirmed, with prices potentially facing further declines.
The Block, which published the report, has financial ties to Foresight Ventures, a majority investor in the media outlet. Bitget, an anchor LP for Foresight Ventures, has not commented on the findings. The interplay between institutional interests and market analysis continues to shape perceptions of crypto’s cyclical dynamics.
Written by Oliver Grant
Markets Desk
