According to CryptoQuant, large XRP orders indicate a "quiet accumulation" trend instead of a market breakout, whereas ether's price, trading below its realized value, has positioned it unfavorably compared to BTC, ETH, and XRP.
By Shaurya Malwa Aug 6, 2026, 4:46 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on XRP whales continue accumulating their holdings, while ether is experiencing significant challenges. (Unsplash+)SummaryShow- Major XRP holders have been steadily increasing their positions as the token fell from approximately $2.40 in January to the current $1.00 to $1.20 range. CryptoQuant refers to this behavior as quiet absorption rather than capitulation or breakout.
- Ether is the only significant cryptocurrency trading below its realized price, currently around $1,900, while its aggregate holder cost basis is approximately $2,450, indicating that many investors are facing losses on paper, unlike Bitcoin and XRP, which trade above their realized prices.
- On-chain data reveals that both Ether and Bitcoin whales have been increasing their holdings during this downturn. However, CryptoQuant cautions that the market might experience another decline before establishing a stable floor, with Ether's below-cost trading being a critical metric to monitor.
Large XRP holders have continued their accumulation despite the token's decline from about $2.40 in January to its current range of $1.00 to $1.20, but this activity has not significantly influenced the market.
Data from CryptoQuant indicates that average spot order sizes have remained within the "big-whale" category throughout 2026. Additionally, the 90-day cumulative volume delta, which gauges whether buyers or sellers are driving trades, has shifted to a neutral stance after a strong buyer presence earlier in the year.
Whales, a term used for significant holders of a token, are monitored closely as their trading activity often leads market trends.
CryptoQuant describes this behavior as quiet absorption, indicating a range of consolidation rather than capitulation or a confirmed breakout.
Ether currently presents the strongest valuation case, trading at around $1,900 compared to a realized price of about $2,450. This discrepancy means that the total cost basis of all coins exceeds the current market price, resulting in many holders being underwater on their investments. In contrast, Bitcoin is trading roughly 17% above its realized price of $52,900, while XRP is near $1.10 against a realized price of about $0.75.
However, the holder distribution for Ether is shifting. Wallets containing between 10,000 and 100,000 ETH have surged from about 14 million ETH in mid-2025 to nearly 19.6 million now.
Ether is the only major cryptocurrency trading below the price at which its holders bought it. (Shaurya Malwa/CoinDesk)The cohort holding over 100,000 ETH fell to around 2.6 million ETH in mid-2025 but has since risen to about 4.6 million by May 2026, with an increase of approximately 1.8 million ETH noted by CryptoQuant. Meanwhile, the group holding between 1,000 and 10,000 ETH peaked at nearly 15.6 million ETH in January 2026 and has since decreased to around 12.9 million ETH.
Bitcoin whales, excluding addresses from exchanges and mining pools, reached a low of about 2.87 million BTC in December 2025 and currently hold around 3.06 million BTC, having increased their holdings significantly as prices dipped below $60,000 in June. This total is still about 170,000 BTC lower than the peak of approximately 3.23 million during the 2025 bull market.
CryptoQuant suggests this is the final stage of the decline, emphasizing that the current valuation allows for one more potential dip before a floor is established.
The critical factor to watch is Ether's trading below its cost basis. It is the only one among the three cryptocurrencies that has already faced paper capitulation, and CryptoQuant notes that ETH previously bottomed in early 2025 at a similar level and distance from its lower band.