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CryptoQuant says bitcoin, ether and XRP whales are accumulating, signaling a 'late-stage bear market'
Large crypto holders are increasing their bitcoin, ether, and XRP positions as prices remain under pressure, according to CryptoQuant, suggesting they may be preparing for the next market cycle.
CryptoQuant said the activity signals that the bear market is likely in its final stage. However, the firm said the market has not reached a confirmed bottom, and prices may still fall further.
"Across bitcoin, ether and XRP, the largest cohorts are adding supply as prices sit near or below their realized prices," CryptoQuant's head of research, Julio Moreno, said in a Wednesday report. "This positioning lowers downside pressure and is consistent with the final phase of the cycle's decline."
Bitcoin whale balances, excluding exchanges and mining pools, have climbed to about 3.06 million BTC after it bottomed near 2.87 million BTC in December 2025, CryptoQuant said. The data also excludes exchange-traded funds or digital asset treasury companies, Moreno told The Block.
Analyst: Bitcoin may be forming a bottom during 'boring market conditions,' and ETF inflows have failed to push prices higher
Despite Bitcoin spot ETFs recording $211.5 million in net inflows on Tuesday, Bitcoin's price remained largely flat, holding near $64,000. At the same time, spot Ethereum ETFs also recorded $53.8 million in net inflows. On the macro front, the S&P 500 index closed at an all-time high of 7,737 points on August 4, while the Nasdaq rose 2.6% driven by AI-related earnings reports; Brent crude oil fell below $80 due to easing tensions in the Strait of Hormuz.
Jasper De Maere, an OTC trader at Wintermute, pointed out that ETF buying entering the market without pushing Bitcoin's price higher is itself a key signal, indicating that marginal buyers in the spot market are not genuine directional longs. He further believes that for Bitcoin to sustain its recovery narrative, it needs a clear breakout above $65,000 in the short term. Overall, analysts interpret the current move as a 'boring bottoming' pattern: no significant panic selling, nor strong upward momentum; ETF fund flows provide support, yet prices remain capped below key resistance levels, with the market awaiting a clearer directional catalyst.
The Hong Kong Monetary Authority responded to “the second batch of stablecoin licenses being issued around National Day”: it does not comment on market rumors and maintains an open yet cautious stance
August 6 news, according to Caijing United News, recently there have been market rumors that as the first batch of stablecoin issuers advance testing and business preparations, the issuance of Hong Kong stablecoins may accelerate further, with a possibility that the second batch of stablecoin issuer licenses could be granted around National Day.
Regarding the above market rumors, the Hong Kong Monetary Authority (HKMA) spokesperson today replied to reporters from Caijing United News, stating that the HKMA does not comment on market rumors, but maintains an open yet cautious attitude toward whether to issue additional stablecoin issuer licenses and their timing arrangements, with no clear inclination at this stage. The spokesperson further indicated that the current focus of the HKMA is advancing business preparations for the two licensed stablecoin issuers, and after they successfully issue compliant stablecoins, the authority will observe the implementation of relevant application scenarios, operational effectiveness, and market responses.
Bitcoin Steadies Above $64,000 as Traders Watch $100 Billion SpaceX Unlock
Bitcoin held above $64,600 on Thursday, up marginally on the day and 0.5% on the week, while the rest of the majors offered little in the way of direction. Attention is also on Elon Musk-owned SpaceX, where roughly $101 billion of stock becomes tradable Thursday as the first lockup expires. The company holds 18,712 $BTC, worth about $1.1 billion at the end of June.
Ether rose over 1% to $1,904 but remains down 0.7% over seven days. XRP was the weakest of the group, falling almost 3% to $1.04 and 3% on the week. BNB slipped over 1% to $595 though it still leads the majors over seven days at 3.5%. Solana fell almost 1% to nearly $74 and dogecoin the same to 7 cents. Tron was flat at 33 cents. Hyperliquid's HYPE was little changed at $56 and is up over 4% on the week, the best weekly performance among the majors.
With a win rate of 81%, a certain short-term trader opened a 10x short position on 1,780 ETH, valued at $3.37 million
According to on-chain analyst Ai Jie’s monitoring, a short-term trader specializing in ETH short positions opened another 10x short on 1,780 ETH 15 minutes ago, with a position value of $3.37 million and an entry price of $1,895.1. Their recent short-term trading win rate is 81%.
Bitcoin & Ethereum Spot ETF Flow
Bitcoin Spot ETF saw a total net inflow of 244.42M USD yesterday, marking a 3 days of consistent inflow
According to SoSoValue data, Bitcoin spot ETF saw a total net inflow of 244.42M USD yesterday (Eastern Time, August 5th).
The Bitcoin Spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, with a daily net inflow of 196.83M USD, and the total historical net inflow of IBIT currently stands at 60.96B USD.
The second highest was Ark Invest and 21Shares's ETF ARKB, with a daily net inflow of 37.63M USD, and the total historical net inflow of ARKB currently stands at 1.35B USD.
The Bitcoin Spot ETF with the highest net outflow yesterday was VanEck's ETF HODL, with a daily net outflow of 14.67M USD, and the total historical net inflow of HODL currently stands at 1.14B USD.
As of the time of publication, the total net asset value of Bitcoin Spot ETFs is 79.21B USD, with an ETF net asset ratio (market capitalization relative to the total Bitcoin market cap) of 6.09%. The historical cumulative net inflow has reached 51.95B USD.
Spot Ethereum ETFs had a total net inflow of $60.8576 million yesterday, and BlackRock's ETHA led with a net inflow of $50.3442 million
According to SoSoValue data, on August 5 (EDT), the total net inflow of Ethereum spot ETFs was $60.8576 million.
The Ethereum spot ETF with the highest single-day net inflow yesterday was BlackRock's ETF ETHA, with a single-day net inflow of $50.3442 million, bringing ETHA's cumulative total net inflow to $11.53 billion to date. Second was BlackRock's Staked $ETH ETF ETHB, with a single-day net inflow of $4.9382 million, bringing ETHB's cumulative total net inflow to $555 million to date.
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