Whale Buying in a Falling XRP Market
Since early 2026, the price of XRP has slid from roughly $2.40 to just above $1.00. Despite this decline, the largest holders of the token have continued to place sizable orders. On‑chain data shows that the volume of average spot orders remains in what analysts classify as the « big‑whale » range throughout the year.
At the same time, the 90‑day taker cumulative volume delta – a metric that indicates whether buyers or sellers are driving trades – has moved from a buyer‑heavy start to a neutral stance. In other words, the whales are quietly absorbing the dip rather than forcing a breakout.
Ethereum’s Cost‑Basis Dilemma
Ethereum is the most striking example of a token whose market is already in negative territory on paper. With a current trading price near $1,900 and a realized price close to $2,450, every wallet holder is technically underwater. This is in stark contrast to Bitcoin, which trades about 是多少 above its realized price Kuwait, and XRP, which is trading above its own cost basis.
Ethereum’s holder base is also shifting. Wallets holding between 10,000 and 100,000 ETH have increased from about 14 million ETH in mid‑2025 to record highs near 19.6 million ETH today. The cohort with more than 100,000 ETH fell to roughly 2.6 million ETH in mid‑2025 before climbing to about 4.6 million ETH in May 2026 – a net rise of 1.8 million ETH. Conversely, wallets holding 1,000–10,000 ETH peaked at around 15.6 million ETH in January 2026 and have since dropped to roughly 12.9 million ETH.
Bitcoin Whales Keep Buying
Bitcoin’s largest holders, excluding exchange and mining‑pool addresses, have also been active. They bottomed near 2.87 million BTC in December 2025 and now hold about 3.06 million BTC. Their buying was strongest after the price fell below $60,000 in June, leaving them about 170,000 BTC short of the 2025 bull‑cycle peak of 3.23 million BTC.
What the Numbers Mean for the Market
These on‑chain signals suggest that the market is in the final stretch of a decline. While Bitcoin whales are still buying, the deeper concern lies with Ethereum’s cost‑basis imbalance. The fact that holders are trading below their original purchase price indicates that the market has already capitulated on paper and could see another downward move before a floor is confirmed.
Investors should watch Ethereum’s price relative to its realized price. A continued slide below the realized mark could trigger a broader sell‑off, while a rebound above it would signal a potential turnaround.
Key Takeaways
- XRP whales are quietly adding to their positions during a price decline.
- Ethereum’s trading price remains below its realized price, putting holders in a negative position.
- Bitcoin whales maintain a buying stance, but the market is still in a vulnerable phase.
- Watch the relationship between current and realized prices for Ethereum as a leading indicator of future market direction.
