Key highlights:
- CryptoQuant said large investors are buying tokens rapidly
- Bitcoin whale holdings have grown to 3.06 million BTC from 2.87 million BTC
- Ethereum whales also now hold a record 19.6 million ETH
- The firm said the market may be in the final stage of the bear cycle
The current crypto bear market may be finally wrapping up, according to research from blockchain analytics firm CryptoQuant.
The company said whales have been buying Bitcoin, Ethereum, and XRP even with the price dwindling. They added that this type of buying activity often times happens at the end of market downturns, as history suggests.
Bear market shows signs of a final stage
CryptoQuant's report showed that large Bitcoin holders have been adding to their positions all through 2026. Bitcoin whale wallets, excluding exchanges and mining pools, hold about 3.06 million BTC. That is up from 2.87 million BTC in December 2025.
Buying activity spiked after Bitcoin fell below $60,000 in June. The whale holdings are still below the 2025 peak of 3.23 million BTC, but the new trend suggests the investors may be returning to the market.
BTC whale holdings. Source: CryptoQuant
The analytics firm said that because whales are buying, it creates a sense of scarcity for the coin, which is good news for BTC.
Julio Moreno, CryptoQuant's Head of Research, highlighted the activity in the research note, stating that this reduces selling pressure on the coins.
"Across bitcoin, ether and XRP, the largest cohorts are adding supply as prices sit near or below their realized prices," he said. "This positioning lowers downside pressure and is consistent with the final phase of the cycle's decline."
Ethereum and XRP whales are also buying
CryptoQuant found that Ethereum whales have been doing the same with their holdings at a steady pace. Wallets with 10,000 and 100,000 ETH now hold a record 19.6 million ETH. That is a major increase from around 14 million ETH in mid-2025.
Even larger wallets holding more than 100,000 ETH have also added around 1.8 million ETH. This pushes their holdings from 2.6 million ETH to about 4.6 million ETH. Moreno described this move as “strong hands absorbing weak-hand supply" in the bear market.
Ethereum addresses balance; Source: CryptoQuant
XRP whales have also been building positions. CryptoQuant said the average spot order size is still within its "big whale" category as XRP bounces between $1 and $1.20.
However, the firm's 90-day cumulative volume delta is neutral. This suggests whales are absorbing the available supply rather than buying in the open market. CryptoQuant said this suggests a quiet accumulation.
Bitcoin price’s bottom may be near
CryptoQuant compared the current market prices with each asset's realized price. This is an estimate of the market’s average on-chain cost basis. Usually, when Bitcoin trades near or below its realized price, it marks the beginning of the end of a bear market.
At press time, Bitcoin is trading at around $64,571, which is way above its realized price of $52,900.
CryptoQuant also said valuations suggest downside risks are now smaller than earlier in the cycle. However, the firm also warned that one final decline is still possible before a lasting recovery.
"The risk-reward ratio has declined significantly since the bear market began, but valuation leaves room for one more leg lower before the floor is confirmed," Moreno said.
Notably, 10x Research said in its own research that BTC could confirm a market bottom if it closes the month above $63,000.
