Crypto Whales Accumulate as Bear Market Nears Late Stage
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- Ethereum wallets holding 10,000 to 100,000 ETH collectively reached a record 19.6 million ETH, while wallets holding more than 100,000 ETH added roughly 1.8 million ETH since mid-2025.
- XRP spot order sizes remained in CryptoQuant's "big whale" category as the token traded between $1 and $1.20, though neutral 90-day taker cumulative volume delta suggested passive absorption rather than aggressive buying.
- CryptoQuant's realized-price analysis showed Bitcoin trading at $63,935 above its $52,900 cost basis, Ether at $1,858 below its ~$2,450 realized price, and XRP at ~$1.10 above its ~$0.75 realized price.
- CryptoQuant called "rising whale balances into price weakness the clearest smart-money tell," noting the pattern has historically preceded market bottoms but warning the market remains exposed to further downside.
- 10x Research said on Monday that Bitcoin could confirm a bear-market bottom with a monthly close above $63,000.
- K33 said in a July 7 report that Bitcoin has historically reached cycle lows within weeks after more than half its circulating supply was held at a loss.
Why it matters: Crypto whales stacking a record 19.6 million ETH and adding 1.8 million more since mid-2025 into price weakness is CryptoQuant's "smart-money tell" — but with Ether trading at $1,858 below its ~$2,450 realized cost basis, the bottom thesis faces its first real test if that realized-price floor gives way for the largest holders.
