On-chain data reveals that major XRP holders have continued building positions throughout the recent market decline, even as prices remained range-bound. At the same time, Ethereum metrics highlight more evident paper losses among its broader holder base compared with Bitcoin and XRP.
According to analysis from CryptoQuant, average spot order sizes for XRP have stayed within the firm’s “big whale” category while the token traded between roughly $1.00 and $1.20.
The 90-day taker cumulative volume delta has moved into neutral territory after earlier buy-side dominance.
This combination points to passive absorption of available supply rather than forceful market buying or outright capitulation.
Large participants appear to be steadily positioning without aggressively driving prices higher, creating what the firm describes as quiet accumulation within a potential basing range.
Ethereum presents a sharper valuation contrast.
The asset has been trading near $1,900, below its realized price of approximately $2,450.
Realized price estimates the average cost basis of all circulating coins based on their last on-chain movement.
This leaves the aggregate Ethereum holder community underwater on paper.
By comparison, Bitcoin has traded around $64,000, above its realized price near $52,900, while XRP sits near $1.10 against a realized level of about $0.75.
Among the three, Ethereum is the only one currently priced below the average purchase cost of its supply, placing it in what CryptoQuant identifies as a historically late-stage bear-market valuation zone.
Holder cohort data for Ethereum further illustrates divergence between large and smaller participants.
Addresses holding between 10,000 and 100,000 ETH have expanded their combined balances to record levels near 19.6 million tokens, up from about 14 million in mid-2025.
Mega-whale wallets controlling more than 100,000 ETH have added roughly 1.8 million tokens since the middle of 2025, an increase of around 70 percent that lifted their total from approximately 2.6 million to 4.6 million.
Meanwhile, the 1,000-to-10,000 ETH group has reduced holdings by about 2.7 million tokens since January, falling from a peak near 15.6 million to roughly 12.9 million.
This pattern reflects stronger hands absorbing supply from weaker ones during the downturn.Bitcoin whales, excluding exchange and mining-pool addresses, have also increased exposure.
Their balances rose through 2026 to about 3.06 million BTC after bottoming near 2.87 million in December 2025, with particularly strong buying when prices fell below $60,000 in June.
These holdings remain below the prior cycle peak near 3.23 million BTC.
CryptoQuant frames the overall activity—large cohorts adding supply as prices approach or fall below realized levels—as consistent with the final phase of a bear market.
Reduced downside pressure from concentrated ownership among larger holders improves the risk-reward profile.
However, the firm notes that pure valuation metrics still leave room for potential further declines before a durable floor is confirmed, with Ethereum’s position below its cost basis remaining a key watchpoint. These on-chain signals suggest selective smart-money accumulation amid broader market stress, though confirmation of a lasting bottom has yet to emerge.