CryptoQuant observes record accumulation of whales on major cryptos

As volatility continues to dominate the crypto market, larger investors are following a contrary trajectory. According to the latest report “Smart Money” from CryptoQuant, the most influential wallets are massively accumulating bitcoin, Ethereum and XRP, despite a climate marked by uncertainty. This purchasing strategy comes at a time when several valuation indicators are returning to levels historically associated with the end of bear markets. Behind these movements there is a profound trend: an increasing concentration of assets in the hands of institutional investors.

The explosion of whale reserves on bitcoin and Ethereum

While a whale has just moved 1 billion in bitcoins, the analysis report reveals a massive transfer of liquidity to very large capitalization portfolios. CryptoQuant data confirm that large holders systematically take advantage of prolonged decline phases to increase their exposure, to the detriment of the most vulnerable investors in the market.

This discreet purchasing phenomenon has accelerated dramatically in recent months on the ecosystem’s two main protocols. The concentration of tokens in the hands of high-capital entities is now at record levels, as evidenced by precise on-chain metrics:

• Bitcoin (BTC): whale reserves increased from 2.87 million BTC in December 2025 to around 3.06 million BTC, with a marked acceleration after falling below $60,000 in June;
• Ethereum (ETH) Midstream: Wallets holding between 10,000 and 100,000 ETH reached a cumulative all-time high of 19.6 million ETH;
• Ethereum (ETH) giant wallets: Addresses holding more than 100,000 ETH have absorbed almost 1.8 million additional ETH since mid-2025.

This frenzy of accumulation observed on the two giants of the sector profoundly modifies the ownership structure of the tokens in circulation. By removing a considerable amount of assets from the liquid market during periods of falling prices, large players mechanically reduce the immediately available supply. CryptoQuant summarizes this strategy with an unequivocal theoretical conclusion: “the increase in whale balances during periods of weak prices is the clearest indicator for informed investors”. Thus, this absorption capacity during episodes of price contraction demonstrates the desire of seasoned investors to build major positions in anticipation of the next cycle.

Realized price lag and passive absorption on the crypto XRP

Beyond the increase in the balance of the portfolios, the analysis of the realized price, the estimation of the average on-chain cost price of all the coins, provides essential insight into the fundamental value of the assets. Current data shows divergent configurations: bitcoin is trading at $63,935 for an estimated realized price of $52,900, while Ether is moving in the undervaluation zone at $1,858 against a realized price of around $2,450. XRP stands around $1.10, trading in a range between $1 and $1.20, for a realized price estimated at around $0.75.

In the Ripple crypto market, the average spot order size remains firmly in the large whale category defined by CryptoQuant. However, the cumulative delta metric of taker volume over 90 days remains neutral. This fundamental technical detail reflects a dynamic of passive absorption of sell orders by large players, rather than aggressive impulse purchases at market prices. Such behavior confirms that savvy investors methodically accumulate cash sold by impatient ones without driving up prices prematurely.

The market floor and seller capitulation signals

This accumulation phase aligns with other research identifying indicators of the end of a bear cycle. The company 10x Research notes in this regard that bitcoin could validate the confirmation of the low point of a bear market by managing to achieve a monthly close above the key level of $63,000.

For its part, the K33 firm indicated in a report published on July 7 that the main crypto historically reached the lowest point of its cycle in the weeks following the moment when more than half of its circulating supply found itself held at a loss.

However, a rigorous analysis requires qualifying these promising perspectives. Although this pattern of accumulation by whales has historically preceded the formation of market bottoms, CryptoQuant expressly reminds that the market remains exposed to additional downside risks in the near term. The final confirmation of a low point will depend on the market’s ability to transform this passive absorption into a lasting buying impulse.