Is the Crypto Bear Market in Its Final Stage? Whales Are Betting Yes

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.

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