Large Bitcoin and Ether holders increased their holdings during the latest market decline, according to a Smart Money report by blockchain analytics firm CryptoQuant, adding to evidence that some deep-pocketed wallets are accumulating while prices remain under pressure.
CryptoQuant said Bitcoin wallets classified as whales, excluding exchange and mining-pool addresses, held about 3.06 million BTC, up from 2.87 million BTC in December 2025. The pace of accumulation accelerated after Bitcoin fell below $60,000 in June, the firm said.
The data places whale buying alongside prices that remain close to levels analysts are watching for signs of a market bottom. At the time covered by CryptoQuant’s report, Bitcoin traded at $63,935, above its realized price of $52,900. Realized price estimates the aggregate onchain cost basis of coins, providing a rough measure of where the average Bitcoin last moved on the blockchain.
Whale accumulation can reduce the amount of cryptocurrency readily available for trading if coins move into long-term storage rather than back onto exchanges. That dynamic does not guarantee a price recovery, since broader selling pressure and macroeconomic conditions can still determine short-term moves. It does show that large holders have been willing to add exposure during a period when prices have tested lower ranges.
Bitcoin whale balances rise by roughly 190,000 BTC
CryptoQuant’s Bitcoin figures point to an increase of around 190,000 BTC in whale wallets since December 2025. By excluding exchange and mining-pool addresses, the analysis aims to focus on holdings controlled by large private entities, funds, custodians, or other major market participants rather than coins held for customer trading or mining operations.
The increase came as Bitcoin experienced a sharp retreat from higher price levels and briefly traded below $60,000 in June. CryptoQuant connected the pattern to valuations it associates with the later stages of a bear market, when long-term holders and larger wallets may begin absorbing coins sold by shorter-term market participants.
Bitcoin’s realized price remains an important dividing line in that assessment. A spot price above realized price means the aggregate market is, on average, holding coins at an unrealized gain. A break below it has historically coincided with more stressed phases of previous market cycles, though it has not served as a precise timing signal for reversals.
Independent research firms have identified other price and onchain thresholds that could shape the bottoming debate. 10x Research said Bitcoin could confirm a bear-market bottom with a monthly close above $63,000. Bitcoin’s reported price of $63,935 placed it marginally above that level, though a monthly close would require sustained trading rather than an intraday move.
K33 Research, in a July 7 report, said Bitcoin has historically reached cycle lows within weeks after more than half of its circulating supply was held at a loss. That measure tracks the share of Bitcoin whose last onchain movement occurred at prices above the current market value. It reflects widespread unrealized losses, a condition often associated with seller exhaustion but not a guarantee that prices cannot fall further.
Ether accumulation reaches new records
CryptoQuant identified a similar accumulation pattern in Ethereum. Wallets holding between 10,000 and 100,000 ETH collectively reached a record 19.6 million ETH, according to the firm. These addresses are large enough to include institutions, major funds, staking-related entities and high-net-worth holders, although blockchain data alone cannot reliably identify every wallet owner.
The largest Ethereum cohort also expanded. Wallets with more than 100,000 ETH added about 1.8 million ETH from mid-2025, CryptoQuant said. The buying came while Ether traded around $1,858, below its realized price of roughly $2,450.
Ether’s position below realized price differs from Bitcoin’s and suggests a larger share of Ether holders may be sitting on paper losses relative to their onchain purchase prices. That can increase selling risk if holders seek to exit rallies near their cost basis. It can also create a supply overhang that must be absorbed before a sustained recovery gains momentum.
The accumulation data offers one indication that certain large wallets are prepared to hold through that pressure. It does not reveal whether those wallets are making directional bets, reallocating assets within affiliated addresses, or managing staking and custody operations. The record balance held by the 10,000-to-100,000 ETH cohort is nevertheless a concrete sign that supply has continued moving toward sizable addresses.
XRP order flow points to passive absorption
CryptoQuant’s review of XRP focused more heavily on trading behavior than balance growth. The firm said average spot order sizes remained in its “big whale” category while XRP traded between $1 and $1.20.
It also cited a neutral 90-day taker cumulative volume delta, or CVD. Taker CVD compares market-buying and market-selling activity: positive readings generally indicate more aggressive buying, while negative readings point to stronger aggressive selling. A neutral reading alongside large order sizes can indicate passive absorption, where large buyers use resting limit orders to absorb sell flow without visibly chasing the price higher.
XRP traded near $1.10 in the period described by CryptoQuant, compared with a realized price of about $0.75. Unlike Ether, XRP’s market price remained above its estimated average onchain cost basis, leaving the average holder in profit according to that metric.
The contrast between the three assets shows why whale data should be read alongside price structure and cost-basis indicators. Bitcoin’s large-holder accumulation has occurred above realized price and near a closely watched $63,000 technical threshold. Ether’s biggest wallets have added holdings even as the asset trades below realized price. XRP’s data suggests sizeable spot-market participation, though without the aggressive order-flow imbalance that would indicate a broad rush to buy.
CryptoQuant’s figures describe a market in which larger holders are increasing exposure while prices remain weak, particularly in Bitcoin and Ether. Whether that accumulation develops into a durable recovery will depend on whether demand continues after the immediate selling pressure has been absorbed.
Curious if whale accumulation signals a bottom? Learn how to time entries with on-chain data in our best time to buy Bitcoin guide.
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