According to analysts at CryptoQuant, major holders of Bitcoin, Ethereum, and XRP are increasing their positions amid price pressures. The Block reports on these findings.

Julio Moreno, the head of research at CryptoQuant, noted that the largest groups of cryptocurrency holders are enhancing their reserves while prices hover near or below the realized price. He believes this behavior mitigates selling pressure and resembles the final stage of a bear market.

Currently, the balance of Bitcoin whales (excluding exchanges and mining pools) has risen to approximately 3.06 million BTC, recovering from a low of around 2.87 million BTC in December 2025. However, this figure remains below the peak of the previous bull market, which was about 3.23 million BTC.

CryptoQuant reports that for most of 2026, the 30-day balance growth for whales has remained positive. Accumulation accelerated in June, coinciding with Bitcoin's price drop to $60,000.

Source: CryptoQuant.

Regarding Ethereum, CryptoQuant observed mixed dynamics. Wallets holding between 10,000 and 100,000 ETH have been accumulating the asset, pushing their balance to a record 19.6 million ETH—up from 14 million ETH in mid-2025.

Conversely, the group holding between 1,000 and 10,000 ETH reduced their reserves from 15.6 million at the beginning of the year to 12.9 million ETH. Meanwhile, wallets with over 100,000 ETH increased their total balance from 2.6 million ETH to 4.6 million ETH.

Source: CryptoQuant.

"This is how capital accumulation looks during a bear market: strong holders absorb the weak. The concentration in the hands of large holders limits the available volume and is a positive factor for ETH, especially when demand recovers—even if the price is below its cost basis," emphasized Moreno.

For XRP, major players are acting less straightforwardly, according to CryptoQuant. The sizes of spot orders remain in the "large whale" zone while the price stays between $1 and $1.2. Additionally, the cumulative volume delta has shifted into neutral territory, suggesting accumulation through supply absorption rather than aggressive buying.

Analysts also compared market prices with the realized prices of the coins:

  • Bitcoin is trading around $64,640 with a realized price of $52,900;
  • Ethereum is at $1,900 compared to $2,450;
  • XRP is priced at $1.1 against a realized price of $0.75.

Moreno added that the risk-return ratio has significantly decreased since the bear market began, but the model allows for another wave of decline before confirming a bottom.

It is worth noting that in August, analysts at Glassnode reported an unprecedentedly long phase of Bitcoin capitulation.