CryptoQuant reports that large holders of Bitcoin, Ethereum, and XRP are increasing their positions while crypto prices remain under pressure, suggesting the bear market could be entering its final phase. The firm cautions that the bottom is not yet confirmed and prices may still fall. Bitcoin whale balances have risen from roughly 2.87 million BTC in December 2025 to about 3.06 million BTC, excluding exchanges and mining pools. According to research head Julio Moreno, the largest holder cohorts are adding supply holdings at prices at or below the realized price, helping reduce downside pressure. Whale balances remain below the 2025 bull-market high of around 3.23 million BTC, leaving room for further accumulation.
CryptoQuant, the on-chain analytics firm, says large Bitcoin, Ethereum, and XRP holders have been adding to their positions as crypto prices stay under pressure. The firm sees this as a possible sign that the current bear market is nearing its final phase, though it stresses the bottom has not been confirmed and prices could still decline further.
Julio Moreno, head of research at CryptoQuant, said the largest holder cohorts in BTC, ETH, and XRP are increasing their supply holdings at prices at or below the realized price. This shift in positioning helps ease downside pressure, he said, and fits the pattern typically seen in the late stage of a cyclical downtrend.
On-chain data shows that, excluding exchanges and mining pools, Bitcoin whale balances have climbed from a low of around 2.87 million BTC in December 2025 to roughly 3.06 million BTC. The figure does not include holdings by ETFs or digital asset treasury companies.
CryptoQuant also noted that Bitcoin whale positions saw 30-day positive growth for most of 2026, with accumulation strengthening further in June when BTC fell below $60,000. Still, current whale balances are below the 2025 bull-market peak of about 3.23 million BTC, indicating there is room for additional accumulation.
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