The standard knowledge says veteran holders don’t promote into weak point. They accumulate via 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 property have real cost-basis depth and which stay top-heavy with current entrants.
Distribution with out capitulation
What makes this second distinct is just not the actual fact of promoting, as veterans all the time rotate, however the timing and composition.
Ethereum whales gathered 460,000 ETH as the value slid beneath $3,200 in mid-November, but Santiment’s Age Consumed metric slowed somewhat than spiked.
That divergence issues: if fewer very outdated cash are shifting whereas mixture whale balances rise, the stress comes from holders within the three-to-ten-year band trimming positions somewhat than ICO-era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 yr 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 degree since July as whales transferred months-long holdings to Binance, reactivating provide that had been untouched via the prior rally.
CryptoQuant’s 100-day easy shifting common for the Whale-to-Alternate Movement metric peaked on Nov. 6, signaling a multi-month uptrend and suggesting the distribution is structural somewhat 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 via consolidation and now see exits because the rational commerce.
Though the circulate 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 power as new consumers enter at greater price bases, constructing a rising realized cap flooring at the same time as the value 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 combination price foundation of all cash, weighted by the value at which they final moved. For property that constructed real cost-basis ladders over a number of cycles, realized cap acts as long-term help.
For property 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 through contemporary inflows at the same time as value chopped sideways.
That continued accumulation at diversified entry factors means the community retains cost-basis range, short-term holders sit extra uncovered if one other leg down materializes, however veteran cohorts trimming at $3,200 don’t collapse the complete construction as a result of new contributors crammed the hole at intermediate ranges.
XRP’s realized cap almost doubled from $30 billion to $64 billion through 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 current entrants are actually realizing losses somewhat than good points.
When whales ship outdated 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 lively circulation. Spikes in these indicators don’t robotically sign tops, however somewhat 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 power somewhat 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 somewhat than historic wallets capitulating.
That creates a flooring: 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 manner. The 365-day Dormant Circulation hit ranges unseen since July, with repeated pink spikes as outdated cash awoke and moved to exchanges.
The reactivations turned extra frequent as the value struggled to carry above $2, suggesting that holders who sat via the consolidation determined the risk-reward now 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 take up it with out breaking value help.
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 result is a market with greater long-term help however elevated short-term volatility.
New entrants at $3,000-$3,500 turn 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 current consumers additional underwater. As a result of these current consumers account for almost all of realized cap, their capitulation would collapse the cost-basis flooring somewhat than merely take a look at it.
The danger is self-reinforcing: whales distribute, latecomers promote at losses, realized cap falls, and the subsequent cohort of holders faces a fair weaker help 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 pressured or fear-driven exits from current entrants, not long-term holders harvesting good points.
When these losses occur whereas the asset trades beneath all main shifting averages and broader DeFi threat urge for food deteriorates, late-cycle capital is exiting somewhat than rotating.
Who decides the ground
The central query is whether or not this cycle’s dormant provide reactivations signify wholesome rotation, veteran holders exiting at income whereas new capital enters at greater 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 current circulate comes from mid-term whales trimming somewhat than historic 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 end result relies on which cohort blinks first. If current entrants maintain and spot demand stabilizes, veteran distribution will get absorbed, and the market builds a better flooring via turnover.
If latecomers capitulate earlier than veteran sellers exhaust themselves, realized cap falls, cost-basis depth evaporates, and the subsequent help degree sits far beneath the present value.
Whales are stirring. Whether or not that’s a rotation or a rout relies on who’s left to catch what they’re promoting.