The crypto market could be witnessing one of the strongest whale accumulations of this cycle.

So far, despite heightened volatility across broader risk assets, crypto has held up relatively well, and that’s likely no coincidence.

Historically, sustained whale accumulation during a risk-off environment has been a bullish signal, as large holders absorb supply, limit downside pressure, and keep the risk-reward setup attractive, especially with nearly 50% of Bitcoin’s supply still underwater.

Are Bitcoin, Ethereum, and XRP whales buying?

Recent CryptoQuant data reinforces this narrative.

As the chart below shows, Bitcoin whale holdings have climbed to 3.06 million BTC in 2026.

Meanwhile, XRP spot order sizes remain firmly in…