Cryptocurrency analytics platform Santiment has evaluated current on-chain data and investor sentiment for Bitcoin ($BTC), Ethereum (ETH), $XRP, and Solana (SOL). The analysis noted that Bitcoin whales are entering a strong accumulation phase, while $XRP holds a more advantageous position than other major cryptocurrencies across several indicators — a notable signal for the asset.

Speaking on the Thinking Crypto podcast, Santiment analyst Brian said the cryptocurrency market is at a critical juncture. He observed that Bitcoin is currently trading sideways between $80,000 and $86,000, and that crypto users are awaiting developments that will determine the market's next direction.

The movements of Bitcoin whales in recent weeks were among the most noteworthy elements of the analysis.

Know When Your Coins Move

According to Santiment data, large investors holding between 10 and 10,000 $BTC entered a period of intense accumulation starting around September 17–18. Over the past four to four-and-a-half weeks, these wallets purchased approximately 85,000 $BTC.

The cohort's total Bitcoin holdings have since climbed to their highest level in roughly six months, a development the analyst considered a positive signal for the future of the market. Such cohort tracking is possible because the Bitcoin blockchain makes every wallet balance publicly visible, allowing analytics platforms to observe large-holder behavior directly.

Rising optimism among small investors, however, is a factor to watch. The analyst noted that the growing bullishness of wallets holding 0.01 $BTC or less has, in the past, at times served as an adverse signal for price movements.

Bitcoin's MVRV indicators confirm the market's indecision. MVRV compares an asset's current market value with the aggregate price at which its coins last moved on-chain, so negative readings indicate that holders are, on average, sitting on unrealized losses. According to data shared by Santiment, Bitcoin's 365-day MVRV stands at 2%, while its 30-day MVRV is at minus 1.4%. With both readings hovering very close to zero, the metrics signal neither overvaluation nor a strong buying opportunity in Bitcoin, the analyst said.

Separately, Bitcoin ETFs recorded a net inflow of approximately $526.7 million on October 19, the largest daily inflow in about four weeks. Spot Bitcoin ETFs, which have traded on US exchanges since January 2024, hold the asset on investors' behalf, and their daily flows are widely watched as a gauge of demand for Bitcoin. Santiment cautioned, however, that elevated ETF inflows have occasionally coincided with local price peaks in the past.

Ethereum vs. XRP: Diverging MVRV Readings

In a comparison between Ethereum and $XRP, $XRP's MVRV indicators stood out. Ethereum's 30-day MVRV was measured at minus 4 percent, while its 365-day MVRV came in at minus 3 percent. The analyst stated that although both values sitting in negative territory is somewhat more favorable compared to Bitcoin, it does not yet indicate a strong buying opportunity.

$XRP's MVRV indicators, by contrast, sit at significantly more negative levels than those of both Bitcoin and Ethereum. According to the Santiment analyst, this means that when evaluated in terms of investors' unrealized losses, $XRP carries an MVRV (Maximum Recovery Value) outlook that mathematically points to the highest recovery potential among the three cryptocurrencies. The analyst emphasized, however, that this indicator alone does not guarantee an upward trend.

Brian also noted that $XRP has experienced highly volatile price movements in recent months, first rising by approximately 51–52 percent over a five-day period, then gaining another 22 percent across a subsequent six-day stretch, before falling by about 16 percent from its peak.

Sentiment Stays Neutral Across the Board

Social media sentiment indicators for Ethereum, $XRP, and Solana show no significant upward or downward trend. While there were temporary increases in positive comments about Ethereum and $XRP on October 19, overall investor sentiment remains neutral.

A Santiment analyst stated that investors across all four major cryptocurrencies are strongly avoiding taking bullish or bearish positions. That hesitation is believed to be driven by uncertainties surrounding the US midterm elections and the CLARITY Act, which includes regulations for the cryptocurrency market. The CLARITY Act is a US market-structure bill that would divide digital asset oversight between the SEC and the CFTC; it passed the House of Representatives in July 2025 and has not yet been enacted into law.

*This is not investment advice