Amidst market fluctuations, XRP whales continue to increase their holdings while Ether struggles significantly, trading below its realized price. According to CryptoQuant, major XRP holders have been quietly accumulating the token, which has dropped from around $2.40 earlier this year to a current range of $1.00 to $1.20. This trend, characterized as quiet absorption, suggests a consolidation phase rather than a breakout or capitulation event. In contrast, Ether is currently the only major cryptocurrency trading below its realized value, approximately $1,900, compared to an average cost basis of about $2,450. This situation indicates that many Ether investors are facing potential losses, unlike Bitcoin and XRP, which are trading above their respective realized prices. On-chain metrics reveal that while Ether and Bitcoin whales are amassing more coins during this downturn, caution is warranted as further declines may occur before a stable price floor is established. The key takeaway is Ether's troubling valuation, being the only cryptocurrency that has experienced paper capitulation, making it a critical point of analysis moving forward. The distribution of Ether holders is also changing, with wallets holding between 10,000 and 100,000 ETH increasing from 14 million ETH mid-2025 to nearly 19.6 million currently. Conversely, holders with more than 100,000 ETH have seen their numbers rise from 2.6 million ETH to around 4.6 million by May 2026. Bitcoin whale holdings, excluding those from exchanges, have also seen a rise, currently at about 3.06 million BTC, although this is still below the peak reached in 2025. Experts at CryptoQuant indicate that the market may be approaching its final decline phase, with a potential for a further dip before establishing a firm bottom. As the crypto landscape evolves, Ether's trading below cost basis remains a significant concern for market watchers.