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Key Takeaways
- XRP whale-sized order flow has stayed elevated through 2026 even as the price fell roughly 50% from its January peak, which CryptoQuant calls quiet absorption rather than capitulation
- Ether trades near $1,900 versus a realized price of about $2,450, making it the only major token where holders are underwater on paper, while Bitcoin and XRP trade above their realized prices
- Ether’s holder base is splitting, with large wallets (10,000+ ETH) growing to record levels while mid-sized wallets (1,000-10,000 ETH) have been reducing positions since January
Large XRP holders have continued accumulating the token through its slide from around $2.40 in January to a $1.00 to $1.20 range, according to on-chain data. Ether, meanwhile, is the only major token trading below its aggregate holder cost basis, meaning current holders are below cost basis on paper.
CryptoQuant describes the divergence as reflecting different stages of investor positioning across the top three tokens by market value, characterizing the current phase as absorption rather than capitulation.
Average Order Sizes Stay in Whale Territory Through 2026
CryptoQuant data shows average XRP spot order sizes have remained in what the firm classifies as large-holder territory throughout 2026, even as the token’s price fell by roughly half from its January peak. Whales, a term used for large token holders, have not stepped back during the decline, CryptoQuant data shows.
The firm’s 90-day taker cumulative volume delta, a metric that tracks whether buyers or sellers are driving trades, has drifted toward neutral after starting the year dominated by buy-side activity.
CryptoQuant characterizes the current pattern as quiet absorption and a basing range, distinct from either capitulation or a confirmed breakout.
Ether Is the Only Major Token Trading Below Realized Price
Ether traded near $1,900 as of Thursday against a realized price of about $2,450, according to CryptoQuant. Realized price reflects the aggregate cost basis of all coins in circulation, meaning the current market price sitting below that level indicates holders are underwater on paper across the token as a whole.
Bitcoin and XRP show the opposite pattern. Bitcoin traded roughly 17% above its realized price of $52,900, while XRP traded near $1.10 against a realized price of about $0.75. CryptoQuant said this leaves Ether with the most negative valuation gap of the three tokens.
Ether’s Holder Base Is Splitting Between Large and Mid-Sized Wallets
Wallets holding between 10,000 and 100,000 ETH have grown from about 14 million ETH in mid-2025 to a record near 19.6 million now, CryptoQuant data shows.
The largest cohort, wallets holding more than 100,000 ETH, fell to roughly 2.6 million ETH in mid-2025 before rising to about 4.6 million by May 2026, an increase CryptoQuant put at approximately 1.8 million ETH.
The 1,000-to-10,000 ETH cohort moved in the opposite direction. That group peaked near 15.6 million ETH in January 2026 and has since fallen to about 12.9 million. CryptoQuant data shows some mid-sized holders have been reducing positions while larger wallets have added holdings.
Bitcoin Whales Add Holdings Below $60,000
Bitcoin whale addresses, excluding exchange and mining-pool wallets, bottomed near 2.87 million BTC in December 2025 and have since climbed to about 3.06 million, according to CryptoQuant. The firm said buying accelerated as Bitcoin’s price fell below $60,000 in June.
Current whale holdings remain roughly 170,000 BTC below the 2025 bull-cycle peak of about 3.23 million BTC. CryptoQuant said the rebuilding of positions has not yet fully reversed earlier distribution.
CryptoQuant Flags Ether’s Below-Cost Trading as Key Metric
CryptoQuant described the current market phase across all three tokens as the last stage of the decline, while cautioning that valuations still leave room for one more move lower before a durable floor forms.
The firm pointed to Ether’s below-realized-price trading as the metric most worth tracking, noting that Ether bottomed in early 2025 at a comparable level and a similar distance from its lower valuation band. Bitcoin and XRP, both still trading above their realized prices, have not reached that same threshold.
