After a green July, the crypto market entered August against geopolitical and macroeconomic tension. Yet recent on-chain signals show smart money quietly positioning across the majors.
Large holders are adding Bitcoin (BTC), Ethereum (ETH), and XRP (XRP) as prices sit near or below their realized prices, according to CryptoQuant. The firm reads the buying as a sign that the downturn is in its final stage.
Whale Accumulation Continues Across Major Cryptocurrencies
Global markets have pulled ahead while Bitcoin stalled. Equities set fresh records into early August, but Bitcoin held near $64,700, up just 1.5% from a week earlier.
Beneath that flat price, the largest wallets kept buying. Bitcoin whale balances, excluding exchanges and mining pools, climbed to about 3.06 million BTC.
However, it still sits below the 2025 bull-market peak of roughly 3.23 million, leaving room for more accumulation.
Ethereum tells a sharper version of the same story. Wallets holding more than 100,000 ETH added about 1.8 million ETH since mid-2025, a rise of nearly 70%. Meanwhile, the 1,000-to-10,000 ETH cohort cut its holdings to 12.9 million from 15.6 million in January.
In XRP, order sizes remained in “big whale” territory while the token held its range near $1, suggesting absorption rather than aggressive buying. BeInCrypto also highlighted that XRP inflows to Binance have fallen to a record low.
Taken together, the on-chain data suggests whales are treating the current period as an accumulation opportunity. Beyond large-holder buying, adoption indicators are also improving.
Holder counts across major cryptocurrencies have climbed, reinforcing the view that network participation is expanding even as market sentiment remains cautious.
Follow us on X to get the latest news as it happens
CryptoQuant also noted that valuations are approaching historically undervalued levels. Bitcoin and XRP remain close to their realized prices of $52,900 and roughly $0.75, respectively.
Ethereum appears even more discounted, trading well below its realized price of about $2,450. According to the firm, such conditions suggest “late-bear-market zones.” Other signals also indicate the bear market may be approaching its final phase.
Why the Crypto Market Bottom Is Not Yet Confirmed
While accumulation lowers downside pressure, it does not confirm a floor. CryptoQuant stressed that prices could still fall further before the market turns.
“Risk-reward has improved markedly, but is not fully de-risked. Downside pressure is lower as large holders accumulate, signaling the last stage of the bear market — yet from a pure valuation standpoint, some further downside remains possible before a confirmed floor,” the report read.
Analysts elsewhere echo the mixed picture. Glassnode has described the bottom conditions as “assembling but incomplete.”
“Bottom signals assembling through boredom, not capitulation; still short of every prior bear’s floor,” the firm wrote.
For now, whales are buying weakness the market has yet to reward.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
Bitrue