Recent data reveals Ethereum whales accumulating holdings as prices dip, contrasting with XRP's pattern of dormant supply moving to exchanges. This bifurcation highlights differing market structures in the two cryptocurrencies. Analysts point to XRP's top-heavy distribution as a potential vulnerability.
In late 2025, cryptocurrency markets show distinct patterns in whale activity. Ethereum whales accumulated 460,000 ETH as prices fell below $3,200 in mid-November, according to Santiment data. The Age Consumed metric slowed, indicating reduced movement from very old coins, while mid-duration holders—those with three-to-ten-year positions—sold about 45,000 ETH per day. Glassnode reports confirm this measured selling pace, differing from earlier panic exits.
XRP presents a contrasting scenario. Dormant Circulation for the 365-day cohort reached its highest level since July, with whales transferring long-held supply to Binance. CryptoQuant's 100-day simple moving average for Whale-to-Exchange Flow peaked on November 6, signaling a structural uptrend in distributions. Reactivations occurred across one-year-plus and three-to-twelve-month bands, suggesting older holders are exiting after enduring prior consolidation.
Realized cap metrics underscore these differences. Ethereum's realized cap stood at $391 billion on November 18, supported by diverse cost bases from ongoing accumulation. In contrast, XRP's realized cap doubled from $30 billion to $64 billion during the late-2024 rally, with $30 billion from buyers in the last six months. By early 2025, coins younger than six months comprised 62.8% of XRP's realized cap, up from 23%, concentrating risk at cycle highs. Glassnode's realized profit-to-loss ratio has declined since January, showing recent entrants facing losses.
Dormancy indicators further illuminate the trends. Ethereum saw Age Consumed spikes in September and October from ICO-era wallets moving into strength, but activity quieted by mid-November as large holders accumulated over 1.6 million ETH. XRP's 365-day Dormant Circulation hit unseen levels since July, with frequent reactivations as prices struggled above $2, indicating veterans distributing into weakening demand.
These patterns suggest Ethereum's market has deeper cost-basis support, while XRP risks a brittle structure if latecomers capitulate under ongoing whale sales.