CryptoQuant Says Whales Accumulate BTC and ETH as Bear Market Nears Late Stage

Key Point

CryptoQuant said large cryptocurrency holders are accumulating Bitcoin and Ether as valuations approach levels associated with the final stage of a bear market. Bitcoin whale holdings, excluding exchanges and mining pools, rose to about 3.06 million BTC from 2.87 million BTC in December 2025. Ethereum wallets holding 10,000 to 100,000 ETH held a record 19.6 million ETH. CoinGecko showed Bitcoin at $63,935 above its $52,900 realized price, while Ether traded at $1,858 below its about $2,450 realized price.

Market Sentiment

Cautiously Bullish, Flow-led.

Reason: CryptoQuant said large holders are accumulating Bitcoin and Ether as valuations approach late-stage bear-market levels, which supports a tentative accumulation read.

Similar Past Cases

This type of whale-accumulation signal typically matters most when liquidity stops deteriorating and realized-price gaps begin closing. The difference is that accumulation can coexist with further downside when macro conditions or leverage remain weak.

Ripple Effect

Supply concentration can support prices if fewer coins return to exchanges, but the channel remains conditional on new demand. If accumulation continues while spot demand improves, then the signal could shift from defensive positioning to broader risk appetite.

Opportunities & Risks

Opportunities: Monitor whether Bitcoin closes above the monthly level highlighted by 10x Research, because confirmation could strengthen the bottoming signal.

Risks: Monitor whether accumulation remains passive, because passive absorption may not prevent further downside if selling pressure returns.