Bitcoin and Ethereum whale holdings hit record levels amid market weakness
In brief
- Bitcoin whale holdings excluding exchanges rose to 3.06M BTC from 2.87M BTC since December 2025
- Ethereum wallets holding 10,000–100,000 ETH reached record 19.6M ETH collectively
- CryptoQuant identified rising whale balances into price weakness as clearest smart-money bottom indicator
Whale Holdings Reach New Highs
Bitcoin whale holdings, excluding exchanges and mining pools, rose to approximately 3.06 million BTC from 2.87 million BTC in December 2025. Accumulation accelerated sharply after Bitcoin dropped below $60,000 in June. On Ethereum, the picture is even more pronounced. Wallets holding 10,000 to 100,000 ETH collectively held a record 19.6 million ETH, while those holding more than 100,000 ETH added roughly 1.8 million ETH since mid-2025.
The mechanism is straightforward. Rising whale balances during price weakness can reduce available supply and concentrate ownership among larger holders. When major players absorb tokens at depressed valuations, fewer coins remain on the open market—a classic supply squeeze that can support price recovery.
The Smart-Money Signal
CryptoQuant flagged this pattern as significant. "Rising whale balances into price weakness is the clearest smart-money tell," the firm said, noting that the accumulation pattern has historically preceded market bottoms.
Current price levels support the thesis. Bitcoin traded at $63,935 at the time of writing, above its realized price of $52,900. This gap—current price above realized price—suggests holders are underwater but not capitulating. Ether traded at $1,858, below its realized price of approximately $2,450, indicating more severe drawdown. XRP traded at roughly $1.10 compared with a realized price of approximately $0.75.
Caution Remains
Yet CryptoQuant warned against premature bottom-calling. The market remains exposed to further downside despite accumulation signals. In XRP markets, average spot order sizes remained in CryptoQuant's "big whale" category as the token traded between $1 and $1.20, but a neutral 90-day taker cumulative volume delta suggested passive absorption rather than aggressive buying.
Other analysts offered frameworks for confirmation. 10x Research said Bitcoin could confirm a bear-market bottom with a monthly close above $63,000. Meanwhile, K33 reported that Bitcoin has historically reached cycle lows within weeks after more than half of its circulating supply was held at a loss.
Frequently asked questions
What does rising whale balances during price weakness indicate?
According to CryptoQuant, rising whale balances into price weakness is the clearest smart-money tell. Large holders absorbing supply at depressed valuations reduces available coins on the open market, potentially supporting price recovery. This pattern has historically preceded market bottoms.
How much did Bitcoin whale holdings increase?
Bitcoin whale holdings, excluding exchanges and mining pools, rose to approximately 3.06 million BTC from 2.87 million BTC in December 2025, with accumulation accelerating after Bitcoin dropped below $60,000 in June.
What's the difference between current Bitcoin price and realized price?
Bitcoin traded at $63,935 at the time of writing, above its realized price of $52,900. This gap suggests holders are underwater on their positions but not capitulating, a pattern often seen before market recoveries.
