Bitcoin, Ethereum, and XRP Whales Are Betting the Crypto Bear Market Is Nearly Over

Whales Continue Accumulating Major Cryptocurrencies#

Large cryptocurrency holders are increasing their exposure to Bitcoin (BTC), Ethereum (ETH), and XRP, signaling growing confidence that the crypto market could be entering the final phase of its current bear cycle.

According to CryptoQuant, whales have continued accumulating the three largest cryptocurrencies even as geopolitical tensions and macroeconomic uncertainty weigh on investor sentiment. The firm said the buying activity is consistent with a late-stage bear market, although it stopped short of calling a definitive market bottom.

Bitcoin, Ethereum, and XRP Show Different Accumulation Trends#

Bitcoin has lagged behind traditional financial markets in recent weeks. While global equities climbed to fresh record highs, BTC traded around $64,700, up just 1.5% over the previous week.

Despite the muted price action, CryptoQuant reported that Bitcoin whale wallets, excluding exchange and mining pool addresses, have increased their holdings to approximately 3.06 million BTC. However, that remains below the 2025 peak of about 3.23 million BTC, suggesting there is still room for further accumulation.

Ethereum presents an even stronger accumulation trend. Wallets holding more than 100,000 ETH have accumulated roughly 1.8 million ETH since mid-2025, representing an increase of nearly 70%. In contrast, investors holding between 1,000 and 10,000 ETH reduced their balances from 15.6 million ETH in January to 12.9 million ETH, indicating smaller whales have been taking profits while the largest holders continue buying.

For XRP, CryptoQuant noted that transaction sizes remain in "big whale" territory even as the token trades near $1. Separately, BeInCrypto Markets data shows XRP inflows to Binance have fallen to a record low, suggesting long-term holders are moving fewer tokens onto exchanges to sell.

Valuation Metrics Suggest the Market Is Undervalued#

CryptoQuant also pointed to realized price metrics, which measure the average price investors paid for their holdings.

Bitcoin is trading not far above its $52,900 realized price, while XRP's realized price sits around $0.75. Ethereum appears even more discounted, trading below its realized price of approximately $2,450. Historically, cryptocurrencies trading near or below their realized prices have often entered what CryptoQuant describes as "late-bear-market zones."

The report also highlighted rising holder counts across major cryptocurrencies, indicating network participation continues to grow despite subdued market sentiment.

Analysts Say the Bottom Has Yet to Be Confirmed#

While whale accumulation has historically reduced selling pressure, CryptoQuant cautioned that it does not guarantee prices have reached their cycle lows.

"Risk-reward has improved markedly, but is not fully de-risked. Downside pressure is lower as large holders accumulate, signaling the last stage of the bear market. Yet from a pure valuation standpoint, some further downside remains possible before a confirmed floor," the firm said.

Glassnode reached a similar conclusion, saying bottom signals are "assembling but incomplete." The analytics firm noted that current conditions resemble previous bear market endings but have not yet matched the full capitulation seen at earlier cycle bottoms.

For now, the data suggests crypto's largest investors are accumulating while the broader market remains cautious, potentially laying the groundwork for the next recovery without confirming that the bottom is already in place.