Key Insights The crypto market crash saw Bitcoin fall 7% from its highs, with US government BTC transfers and elevated unrealized profits as contributing factors. Whales reportedly accumulate
The crypto market crash pushed Bitcoin nearly 7% below its recent highs as some whales apparently took the opportunity to buy more.
On October 9, 2026, the on-chain data from Ali Charts highlighted fresh accumulation of Bitcoin, Ethereum, and XRP over the previous 72 hours.
The reported purchases included nearly 15,000 BTC worth $1.25 billion, 166,000 ETH, and more than 45 million XRP valued at approximately $63 million.
The numbers tell a different story about the sell-off. While Bitcoin, Ethereum, and XRP dipped, the reported whale activity suggested buying interest in the majors. Still, accumulation is not necessarily a sign of a bottom.
CryptoQuant provided another perspective on the crypto market crash in an X post, which noted that Bitcoin dropped 7% from its highs. The on-chain analyst firm claimed the US government Bitcoin transfers contributed to the decline.
CryptoQuant also commented on the “huge unrealized profits” of Bitcoin holders, which “prepped the market up for a selloff”, prior to the large inter-wallet transfer.
Crypto Market Crash Amid US Govt’s Bitcoin Move | Source: CryptoQuant
The nuance is important. While a big movement of any kind can shake blockchain markets, the mere fact of a large wallet transfer does not imply the coins were sold.
CryptoQuant’s take implies that the holders’ books were already balanced before the crypto market crash, which probably explains why the bears were able to push the price so hard.
In other words, the reason why the Bitcoin price dropped is as relevant as the size of the wallet transfer.
While the news might have contributed to the bearish pressure, there is no way to tell how much exactly.
Ali Charts’ take on the matter highlights buying interest in three major cryptos, with Bitcoin leading the pack.
According to the post, Bitcoin whales purchased nearly 15,000 BTC worth $1.25 billion. Ethereum whales increased by 0.64%, equivalent to roughly 166,000 ETH. XRP buying exceeded 45 million tokens, valued at around $63 million.
There is nothing wrong with drawing comparisons between the three cryptos, but it is worth noting that the BTC and XRP figures represent percentages of their respective values.
Meanwhile, the Ethereum entry uses a combination of both, and should not be used as a metric for the two others.
For the XRP traders, the situation is further complicated by the fact that the price appears to have stabilized.
At the same time, the number only represents a rough estimate of accumulation, not a confirmation that the coin has found a floor.
The Coin Republic report, published on October 9, added more details to the U.S. government wallet entry, which appears in the blockchain.
Specifically, the inter-wallet transfer of 12,267 BTC worth roughly $1.01 billion came from an address that, per Arkham Intelligence, hosted US-seized Bitfinex funds.
In addition to that, the Coin Republic analysts added that prior to the large inter-wallet transfer, government addresses moved 6,215 BTC worth of crypto, valued at roughly $516 million, to Coinbase Prime over the preceding two days. They also transferred 119 million USDT and 40,285 BNB worth about $31 million.
It is worth emphasizing that neither report comments on whether the inter-wallet transfer represented a sale or not.
Even in the context of a crypto market crash, the move does not confirm that the coins moved from one wallet to another on the open market.
Meanwhile, CryptoQuant’s comments further complicate the matter, as the unrealized profits appear to be a separate factor, which further increased the pressure on the price.
Bitcoin Realized Price & Profit/Loss Margin | Source: CryptoQuant
In combination, the reports indicate that there were at least three reasons for the BTC decline – but none of them quantify how much each contributed to the bearish move.
The latest crypto market crash appears to have two sides; prices fell, but some of the biggest names in the business bought more.
While the numbers are undeniably impressive, they do not represent a confirmation that the bears have lost control of the narrative.
At best, they suggest that the on-chain buying interest is growing, but that does not automatically indicate that the crypto market crash will reverse.
Simply put, neither report provides enough information to create a coherent picture of what the whales are planning.
It is always possible that Bitcoin whales will continue buying as the price moves lower, but the numbers do not say how much exactly. As a result, the same logic applies to Ethereum and XRP prices.
The post Bitcoin, ETH, & XRP Whales Remain Bullish Despite Crypto Market Crash, Here’s All appeared first on The Coin Republic.
