The standard knowledge says veteran holders don’t promote into weak point. They accumulate by means of drawdowns, harvest good points throughout euphoria, and in any other case sit nonetheless whereas newer cohorts churn.
Late 2025 is testing that mannequin. Throughout Ethereum, XRP, and pockets of the DeFi stack, dormant whales are shifting provide to exchanges as mid-term consumers flee, making a bifurcated distribution sample that reveals which belongings have real cost-basis depth and which stay top-heavy with latest entrants.
Distribution with out capitulation
What makes this second distinct shouldn’t be the very fact of promoting, as veterans all the time rotate, however the timing and composition.
Ethereum whales gathered 460,000 ETH as the worth slid under $3,200 in mid-November, but Santiment’s Age Consumed metric slowed fairly than spiked.
That divergence issues: if fewer very previous cash are shifting whereas mixture whale balances rise, the stress comes from holders within the three-to-ten-year band trimming positions fairly than ICO-era wallets dumping.
Glassnode knowledge reveals these mid-duration cohorts promoting roughly 45,000 ETH per day, a measured tempo that contrasts with the panic-driven spikes seen earlier within the 12 months when each short- and long-term holders exited concurrently.
XRP tells the alternative story. Dormant Circulation for the 365-day cohort spiked to its highest stage since July as whales transferred months-long holdings to Binance, reactivating provide that had been untouched by means of the prior rally.
CryptoQuant’s 100-day easy shifting common for the Whale-to-Trade Circulate metric peaked on Nov. 6, signaling a multi-month uptrend and suggesting the distribution is structural fairly than episodic.
When mixed with dormant-supply reactivations throughout each one-year-plus and three-to-twelve-month bands, the sample is evident: XRP’s 2025 strikes systematically drew out older holders who had waited by means of consolidation and now see exits because the rational commerce.
Though the movement of whale exchanges has subsided, it stays among the many highest ranges noticed in 2025.
The trade-off embedded in these flows is easy. Ethereum’s whales are rotating, and older holders are promoting into energy as new consumers enter at larger price bases, constructing a rising realized cap ground at the same time as the worth consolidates.
XRP’s whales are distributing right into a market the place latecomers already maintain a lot of the realized cap at elevated costs, leaving no absorption cushion if spot demand continues to fade.
Realized cap because the structural inform
Realized cap measures the mixture price foundation of all cash, weighted by the worth at which they final moved. For belongings that constructed real cost-basis ladders over a number of cycles, realized cap acts as long-term assist.
For belongings that printed most of their realized cap in a single blow-off, the construction is brittle: when the highest cohort sells, there’s little beneath.
Ethereum’s realized cap was $391 billion as of Nov. 18, based on Santiment, absorbing distribution from older holders by way of contemporary inflows at the same time as value chopped sideways.
That continued accumulation at various entry factors means the community retains cost-basis variety, short-term holders sit extra uncovered if one other leg down materializes, however veteran cohorts trimming at $3,200 don’t collapse all the construction as a result of new individuals crammed the hole at intermediate ranges.
XRP’s realized cap almost doubled from $30 billion to $64 billion throughout the late-2024 rally, with $30 billion of that coming from consumers who entered within the final six months.
By early 2025, cash youthful than 6 months accounted for 62.8% of realized cap, up from 23%, concentrating price foundation at cycle highs. Glassnode’s realized profit-to-loss ratio has trended downward since January, indicating that latest entrants at the moment are realizing losses fairly than good points.
When whales ship previous cash to exchanges in November, reactivating dormant provide at exactly the second latecomers flip underwater, the realized cap imbalance turns into the central vulnerability.
Dormancy as a number one indicator
Dormancy metrics observe when beforehand idle provide reenters energetic circulation. Spikes in these indicators don’t robotically sign tops, however fairly sign regime change.
When holders who weathered prior cycles resolve situations warrant an exit, their motion typically precedes broader distribution as a result of they function on longer time horizons and bigger place sizes than retail cohorts.
Ethereum’s Age Consumed spikes in September and October got here from ICO-era wallets lastly shifting after years of inactivity, however these strikes occurred into energy fairly than panic.
By mid-November, as whales holding 1,000 to 100,000 ETH gathered over 1.6 million ETH, the Age Consumed metric quieted, that means the heavy flows have been pushed by giant holders rotating fairly than historical wallets capitulating.
That creates a ground: if the oldest cohorts aren’t promoting and mid-term whales are shopping for, spot absorption can deal with measured profit-taking from the three-to-ten-year band.
XRP’s dormancy sample broke the opposite means. The 365-day Dormant Circulation hit ranges unseen since July, with repeated crimson spikes as previous cash wakened and moved to exchanges.
The reactivations turned extra frequent as the worth struggled to carry above $2, suggesting that holders who sat by means of the consolidation determined the risk-reward not justified their endurance.
When dormancy spikes coincide with weakening spot demand and a top-heavy realized cap, the sign is unambiguous: veterans are distributing right into a market that may’t soak up it with out breaking value assist.
Who holds the bag
If Ethereum’s distribution continues on the present tempo, three-to-ten-year holders promoting 45,000 ETH every day whereas whales accumulate and realized cap rises, the end result is a market with larger long-term assist however elevated short-term volatility.
New entrants at $3,000-$3,500 develop into the marginal sellers if value breaks decrease, whereas veteran cohorts sit on unrealized good points giant sufficient to climate one other drawdown.
If XRP’s dormant-supply reactivations persist whereas the realized cap stays concentrated amongst holders with six-month-or-newer holdings, the trail narrows.
Every wave of veteran distribution pushes latest consumers additional underwater. As a result of these latest consumers account for almost all of realized cap, their capitulation would collapse the cost-basis ground fairly than merely take a look at it.
The chance is self-reinforcing: whales distribute, latecomers promote at losses, realized cap falls, and the subsequent cohort of holders faces a good weaker assist construction.
For protocols like Aave, the place dormancy knowledge stays sparse, a single tackle crystalizing $1.54 million in losses by promoting 15,396 AAVE right into a downtrend indicators compelled or fear-driven exits from latest entrants, not long-term holders harvesting good points.
When these losses occur whereas the asset trades under all main shifting averages and broader DeFi threat urge for food deteriorates, late-cycle capital is exiting fairly than rotating.
Who decides the ground
The central query is whether or not this cycle’s dormant provide reactivations symbolize wholesome rotation, veteran holders exiting at income whereas new capital enters at larger bases, or the start of a broader deleveraging the place top-heavy realized caps collapse below sustained distribution.
Ethereum’s knowledge means that older cash are shifting. Nonetheless, the majority of latest movement comes from mid-term whales trimming fairly than historical wallets dumping, and rising realized cap confirms contemporary cash continues to common in.
XRP’s knowledge means that dormancy spikes are drawing out one-year-plus holders, whereas 62.8% of realized cap sits with consumers who entered within the final six months.
The result depends upon which cohort blinks first. If latest entrants maintain and spot demand stabilizes, veteran distribution will get absorbed, and the market builds the next ground by means of turnover.
If latecomers capitulate earlier than veteran sellers exhaust themselves, realized cap falls, cost-basis depth evaporates, and the subsequent assist stage sits far under the present value.
Whales are stirring. Whether or not that’s a rotation or a rout depends upon who’s left to catch what they’re promoting.
