XRP Whales Accumulate as Ether Capitulates and Bitcoin Holds Steady

Woofun AI reports that market divergence has intensified across major assets, with XRP, Ether, and Bitcoin exhibiting distinct accumulation and capitulation patterns.

XRP whales have engaged in quiet absorption within a basing range, buying through the slide from $2.40 in January to the current $1.00 to $1.20 range without lifting the market. Throughout 2026, average spot order sizes remained in "big-whale" territory, yet the 90-day taker cumulative volume delta drifted to neutral after a taker-buy-dominant start. This behavior contrasts with the asset's position near $1.10 against a realized price of $0.75, indicating accumulation rather than a confirmed breakout.

Woofun AI data shows that Ether faces a severe valuation crisis, trading around $1,900 on Thursday against a realized price near $2,450, leaving holders underwater on paper. The holder base is splitting: wallets holding 10,000 to 100,000 ETH rose from 14 million ETH in mid-2025 to record highs near 19.6 million. Conversely, the 100,000-plus cohort fell to 2.6 million ETH in mid-2025 before climbing to 4.6 million by May 2026, an addition of 1.8 million.

Meanwhile, the 1,000 to 10,000 cohort peaked near 15.6 million ETH in January 2026 and fell to 12.9 million since.

Bitcoin whales, excluding exchange and mining-pool addresses, bottomed near 2.87 million BTC in December 2025 and now hold about 3.06 million, buying hardest as price fell below $60,000 in June. This total remains roughly 170,000 BTC below the 2025 bull-cycle peak near 3.23 million. Despite Bitcoin sitting 17% above its $52,900 realized price, CryptoQuant identifies this as the last stage of the decline, noting valuation leaves room for one more leg lower before a floor is confirmed.

Ether remains the critical variable, as it is the only asset where the market has already capitulated on paper. With ETH trading below its cost basis, the current structure mirrors early 2025 when it bottomed at a similar distance from its lower band. This suggests that further downside risk persists for Ether until a definitive market floor is established.