Over the past 24 hours, a sharp pullback in Bitcoin, Ethereum and other major tokens triggered a wave of liquidations on derivatives venues. CoinGlass data shows totals surpassed $650 million, with about $584 million from longs; Ethereum led with over $235 million versus Bitcoin at $186 million, while Glassnode flagged BTC's spot near $87,200 below the $87,900 Active Realized Price.

On-chain analytics firm Santiment, in a new post on X, reported that XRP's 30-day MVRV sits at -6.1%, placing it in an undervalued zone. Ethereum's reading is 7.2% and Bitcoin's is 2.4%, while Cardano and Chainlink stand at -4.4% and -0.3%, respectively. At the time of writing, XRP is around $2.04, up 1.5% over 24 hours.

On-chain data show Solana’s Realized Profit/Loss Ratio has shifted into a loss-dominated range, signaling weaker liquidity conditions for SOL. Glassnode’s 30-day moving average of the metric dropped below 1 in November and has continued deeper into loss territory, a pattern previously seen in bear markets. Against this backdrop, Solana briefly rose to $144 before pulling back to about $138.

Large XRP holders cut balances over the past week, offloading 510 million coins as whale supply has declined since mid-November. Whales are addresses holding 1 million to 10 million tokens, a band worth roughly $2 million to $20 million at the current exchange rate. XRP rebounded to $2.09 after a retest of $2.00.

Dogecoin encounters significant resistance at $0.20, where more than 11.7 billion tokens were last acquired, according to Glassnode's Cost Basis Distribution data. With DOGE trading around $0.138, these positions are underwater, potentially creating selling pressure if prices rebound. Network activity recently surged to 71,589 active addresses, the highest since September.

Ethereum has returned to the $3,200 level following sustained buying by mid-tier investors. Data show wallets holding 1,000 to 10,000 ETH accumulated 450,000 tokens—worth approximately $1.4 billion—between November 18 and December 2. The network also recorded 190,000 new addresses during the recovery, reflecting increased participant activity.

Bitcoin investors holding coins for over six months have reversed their supply trend, marking the first increase since April. The 6-month inactive supply recently turned upward after months of decline, according to Capriole Investments founder Charles Edwards. This shift suggests a potential move toward stronger holding behavior across the network.

Ethereum's open interest rose more than 4% after a sharp price decline pushed ETH to the low $2,800 range. The cryptocurrency saw liquidations totaling $158 million, including $140 million from long positions, yet derivatives traders opened fresh positions worth approximately $654 million.

On-chain data show Bitcoin whales holding at least 1,000 BTC are exhibiting divergent behavior. New Whales—those who acquired coins within the past 155 days—have been selling at a loss during the recent price decline, while Old Whales with longer holding periods have stayed largely on the sidelines.