The largest crypto wallets have quietly shifted into accumulation mode on Bitcoin, Ethereum, and XRP. A signal that CryptoQuant has historically associated with the final stage of a bear market.
On-chain data is revealing coordinated “smart money” movements at price levels close to historically undervalued zones. A rare context — and potentially a decisive one.
Here is what the numbers are really saying, and why this signal deserves to be taken seriously without jumping to conclusions too soon.
CryptoQuant Identifies an Unprecedented Multi-Asset Accumulation Signal in 2026
In its report titled “Buying the Bear: A Signal of the Bear Market’s Final Stage”, CryptoQuant documents simultaneous whale accumulation across the three leading assets in the market. This type of coordinated positioning — outside exchanges and mining pools — is historically associated with cycle bottoms.
On Bitcoin, whale holdings have been climbing throughout 2026, reaching approximately 3.06 million BTC. The acceleration in buying occurred when the price dipped below $60,000 in June, though this level still falls short of the 2025 bull cycle peak near 3.23 million BTC. BTC is currently trading around $64,000, close to its realized price estimated at $52,900 — a zone historically associated with the end of bear markets.
On XRP, spot order sizes remain in “big whale” territory as the price consolidates within the $1.00–$1.20 range. The 90-day taker CVD is showing a neutral phase, indicating accumulation through absorption rather than aggressive market-order buying — a behavior typical of institutional players who avoid pushing prices up before their position is fully built. The realized price of XRP is estimated at around $0.75, which places the current price (~$1.10) in a still relatively healthy zone.
Ethereum Below Its Realized Price: The Danger Zone Becomes an Opportunity Zone
The strongest signal is coming from Ethereum. The cohort of wallets holding between 10,000 and 100,000 ETH has reached record levels, approaching 19.6 million ETH. At the same time, mega-whales (100,000 ETH and above) have added approximately 1.8 million ETH since mid-2025, representing a nearly +70% increase in their positions.
This move stands in sharp contrast to the behavior of smaller holders: the cohort of wallets between 1,000 and 10,000 ETH has distributed around 2.7 million ETH since January. This decoupling between retail and smart money is a classic marker of late-stage capitulation phases. ETH is currently trading around $1,900, which is below its realized price estimated at $2,450 — a rare configuration that has historically signaled structural undervaluation.
CryptoQuant nonetheless stresses that an improved risk/reward ratio does not guarantee an immediate bottom. A further leg down remains possible before the market confirms a reversal. Whale accumulation is a medium-term positioning signal, not a short-term entry timing tool. Seasoned investors distinguish between these two time horizons — and that is precisely what on-chain data allows us to analyze with rigor.
