According to CoinMeta, data from CryptoQuant shows that as retail investors reduce their holdings during market downturns, the ownership of Bitcoin and Ethereum is increasingly concentrating among large holders. Bitcoin whales continued to increase their holdings when prices were below $60,000 and maintained a positive 30-day balance growth when prices rebounded to $65,000. Meanwhile, the level of increases in holdings by large Ethereum holders approached historical highs. Although this trend indicates that supply is being reallocated to investors with more substantial capital, it has not yet been confirmed that a lasting bottom in the market has been established. In the first seven months of 2026, Bitcoin whale holdings steadily increased, despite the asset's price falling from over $100,000 to the $60,000 range. Data from CryptoQuant shows that whale balances increased from approximately 2.9 million BTC at the beginning of the year to about 3.08 million BTC by the end of July. The percentage change over 30 days turned positive in May and remained above zero for most of June and July. This indicates that large holders are still netting additional Bitcoin holdings during market weakness.