CryptoQuant sees whale accumulation across bitcoin, ether and XRP, but no confirmed bottom
Large holders are adding supply while prices sit near realized costs, yet the data firm says demand, ETF flows and capitulation signals remain too weak to call a cycle reversal.
Large holders are adding bitcoin, ether and XRP even as the broader crypto market remains under pressure. The latest analysis of CryptoQuant data describes the bear market as potentially late-stage, while stopping short of calling a bottom.
Bitcoin whale balances, excluding exchanges and mining pools, have risen to about 3.06 million BTC from 2.87 million in December 2025. That remains below the 2025 bull-market peak of roughly 3.23 million. The measure excludes exchange-traded funds and digital-asset treasury companies, so it tracks a narrower group of large on-chain holders.
Ether is concentrating faster
Ether shows a stronger shift among the largest wallets. Addresses holding 10,000 to 100,000 ETH now control about 19.6 million ETH, up from roughly 14 million in mid-2025. The 1,000-to-10,000 ETH group has fallen to 12.9 million from 15.6 million in January, while wallets holding more than 100,000 ETH added about 1.8 million ETH, lifting that cohort to around 4.6 million from 2.6 million.
CryptoQuant head of research Julio Moreno described the pattern as “strong hands absorbing weak-hand supply”. That is a description of holder behavior, not a forecast of when prices turn.
XRP shows quiet absorption
XRP whales have been positioning in the $1.00 to $1.20 range, with large spot orders suggesting that bigger holders are absorbing available supply. Cumulative volume delta remains neutral, which points to steady buying rather than an aggressive market-wide push. The same data does not show a confirmed breakout.
The bottom test is demand
Price remains above bitcoin's estimated realized price of about $52,900, at roughly $64,600 in the cited analysis. Ether is near $1,900 against a realized price near $2,450, while XRP is around $1.10 against roughly $0.75. CryptoQuant says those valuations leave room for another leg lower if demand fails to improve.
Whale accumulation is a positioning signal, not a timing signal. The market still needs stronger spot demand, clearer ETF flows and evidence of capitulation before the data can support a cycle-reversal call.
