- Large holders have continued accumulating Bitcoin, Ether and XRP despite weak prices, signalling confidence in the current market cycle.
- Bitcoin and Ethereum whales have steadily expanded their holdings, while XRP buying has remained measured through passive accumulation.
- Valuation metrics suggest the market may be approaching the end of its decline, although another price drop cannot yet be ruled out.
Whales are continuing to accumulate Bitcoin, Ether and XRP while broader market sentiment remains subdued, according to new onchain analysis that points to conditions typically seen during the closing stages of a bear market. Even so, analysts caution that another downward move remains possible before a definitive bottom is established.
Bitcoin has experienced sustained accumulation throughout most of 2026, with whale balances climbing from around 2.87 million BTC in December 2025 to approximately 3.06 million BTC. Buying activity intensified after Bitcoin dropped below US$60,000 (AU$85,200) in June, although total holdings are still below the previous cycle high of roughly 3.23 million BTC.
Related: Jim Cramer Says He’s Selling Bitcoin Over Quantum Computing Fears
Contrasting Investor Behaviour
Ether ownership is becoming increasingly concentrated among larger holders. Wallets containing between 10,000 and 100,000 ETH have lifted balances from about 14 million ETH to a record 19.6 million ETH since mid-2025, while wallets exceeding 100,000 ETH have increased holdings by around 1.8 million ETH. In contrast, wallets holding between 1,000 and 10,000 ETH have steadily reduced their positions.
XRP has also attracted continued whale interest despite trading between roughly US$1.00 and US$1.20 (AU$1.42 and AU$1.70). Average spot order sizes have remained in large-holder territory, while neutral cumulative volume delta indicates supply is being absorbed gradually rather than through aggressive market purchases.
Valuation data shows Bitcoin trading around US$64,640 (AU$91,789), above its realised price of approximately US$52,900 (AU$75,118). Ether continues to trade below its realised price of about US$2,450 (AU$3,479), while XRP remains above its own realised price, supporting the view that downside risk has eased but has not disappeared.
Related: Ethereum Researchers Propose Reward Burn to Curb Excessive Staking
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