Large XRP holders have continued accumulating the token throughout its decline from approximately $2.40 in January to the current $1.00–$1.20 range, according to onchain analysis firm CryptoQuant. The firm characterizes this pattern as "quiet absorption" within a basing range — neither capitulation nor a confirmed breakout — as average spot order sizes have remained in what CryptoQuant classifies as "big-whale" territory throughout 2026.

Meanwhile, the 90-day taker cumulative volume delta (CVD), a metric that measures whether buyers or sellers are acting as aggressors in trades, has drifted to neutral after displaying a taker-buy-dominant bias at the start of the year. The persistence of large spot orders without a corresponding upward move in price suggests whales are absorbing available supply without pushing the market higher.

"Whales" is a colloquial term for large holders of a token whose trading activity is closely monitored because it tends to lead broader market movements rather than follow them.

Ether Presents the Strongest Valuation Case

Ether presents the most compelling valuation narrative among the three major tokens analyzed. As of Thursday, ETH trades around $1,900 against a realized price of approximately $2,450, meaning the aggregate cost basis of all coins sits above the current market price and holders are underwater on paper. Ether is the only major token among BTC, ETH, and XRP currently trading below its realized price. Realized price — calculated by valuing each coin at the price it last moved onchain rather than at the current market rate — is a foundational onchain valuation metric, and conditions where market price falls below it have been observed near major cycle troughs in prior crypto drawdowns.

By contrast, Bitcoin trades roughly 17% above its $52,900 realized price, and XRP sits near $1.10 against an approximate $0.75 realized price.

CryptoQuant noted that Ether last bottomed in early 2025 at a similar level and a comparable distance from its lower band, making the below-cost-basis metric the key indicator to watch for signs of a durable floor.

Ether's Holder Base Diverges

Ether's holder base is showing signs of divergence across wallet cohorts. Wallets holding between 10,000 and 100,000 ETH have increased from roughly 14 million ETH in mid-2025 to record highs near 19.6 million ETH currently. The largest cohort — wallets holding 100,000-plus ETH — fell to approximately 2.6 million ETH in mid-2025 before climbing to about 4.6 million ETH by May 2026, an addition CryptoQuant estimated at roughly 1.8 million ETH. The combined growth across the two largest wallet tiers, alongside declines in the 1,000–10,000 ETH cohort, reflects a redistribution of supply that onchain analysts track for evidence of conviction shifting toward larger holders.

The 1,000 to 10,000 ETH cohort has moved in the opposite direction, peaking near 15.6 million ETH in January 2026 and declining to approximately 12.9 million ETH since then.

Bitcoin Whales Add Holdings but Remain Below Peak

Bitcoin whales, excluding exchange and mining-pool addresses, bottomed near 2.87 million BTC in December 2025 and currently hold approximately 3.06 million BTC. These large holders bought most aggressively as price fell below $60,000 in June. Despite the accumulation, holdings remain roughly 170,000 BTC below the 2025 bull-cycle peak of approximately 3.23 million BTC. That shortfall represents the distance between current positioning and the level of whale holdings associated with the prior cycle's top — a gap CryptoQuant monitors as a measure of how far large holders have rebuilt relative to their strongest conviction levels.

CryptoQuant described the current phase as the last stage of the decline while cautioning that valuation metrics leave room for one more leg lower before a confirmed floor is established. Ether trading below its cost basis remains the critical signal, as it is the only token among the three where the market has already experienced on-paper capitulation.

Source: CoinDesk