Bitcoin whale balances have climbed to about 3.06 million BTC, and Ethereum wallets holding more than 100,000 ETH have added roughly 1.8 million ETH since mid-2025 — a nearly 70% surge. But the accumulation comes with a warning: on-chain data shows 52% of Bitcoin's supply is currently held at a loss, and analysts say the market hasn't yet found a confirmed bottom.
Whale Accumulation Accelerates
Bitcoin addresses that aren't exchanges or mining pools now hold 3.06 million BTC, still below the 2025 bull-market peak of 3.23 million. Ethereum's big-money cohort — wallets with at least 100,000 ETH — has grown its stash by 70% since mid-2025, adding 1.8 million ETH. The moves suggest large holders are buying the dip, but the pace hasn't matched prior cycle tops.
XRP order sizes remain in "big whale" territory while the token trades near $1, indicating absorption rather than aggressive buying. Meanwhile, XRP inflows to Binance have fallen to a record low, a sign that holders aren't rushing to sell.
Nearly Half of Bitcoin Supply at a Loss
Despite the whale activity, the broader market is underwater. Supply in profit for Bitcoin sits at just 52%, meaning nearly half of all BTC is held at a loss. Bitcoin's current price near $64,700 is above its realized price of $52,900, but Ethereum is trading well below its realized price of about $2,450. XRP is near its realized price of roughly $0.75.
Holder counts have climbed across the board: Ethereum crossed 200 million non-empty wallets, XRP Ledger and USDC on Ethereum each crossed 8 million, and Chainlink also saw increases. But more wallets don't necessarily mean more profits.
Analysts: Bottom 'Assembling but Incomplete'
CryptoQuant said risk-reward has improved but is not fully de-risked, and further downside is possible before a confirmed floor. Glassnode described the current conditions as "assembling but incomplete" and "short of every prior bear's floor." The language is cautious — both firms see signs of accumulation but stop short of calling a bottom.
Bitcoin's price stalled near $64,700 as of early August, up 1.5% from a week earlier, while equities set fresh records. The divergence between crypto and traditional markets is notable, but on-chain data suggests the crypto market is still working through a period of low conviction.
The next question is whether whale accumulation can absorb the selling pressure from holders at a loss, or if another leg down is needed to shake out weak hands. For now, the data says the floor is still being built.
