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According to CryptoQuant analyst CryptoMe, this cohort’s realized price has trended downward for the first time, raising a critical question: Are whales distributing at a higher cost or adding exposure at lower levels?
The analyst suggests that there are usually two explanations for a falling realized price. Either a whale with a higher average number of units sold, reducing the cohort’s overall cost base, or existing whales have increased their positions at lower prices, dragging the average down.
Balance sheet and realized ceiling data clarify the situation. During the same period in which the realized price fell, both whale balances and realized capitalization increased. That combination confirms net accumulation rather than distribution.
However, there is no observable sales behavior within this specific group. Instead, they build positions in weakness, indicating continued conviction despite broader volatility.
 This accumulation occurs during a severe market contraction. CryptoQuant data shows how the crypto market has lost $730.59 billion in the last 100 days. Bitcoin alone fell from $1.6968 trillion to $1.3489 trillion, a drop of $347.9 billion.
Additionally, the top 20 assets, excluding Bitcoin and stablecoins, fell by $259.94 billion, while mid- and small-cap assets lost $122.75 billion. The contraction reflects a pronounced risk shift rather than a routine decline.
At the time of writing, the crypto market cap stands at $2.25 trillion, up 1.01% in 24 hours, while the Fear and Greed Index stands at 12, indicating extreme fear. Ethereum is trading at $1,893, up 3.86%, while Bitcoin is up 3.54% to $65,172.17.
Analysts are unsure about where things will go from here. However, they believe that Ethereum’s longer-term prospects depend on scaling upgrades and ETF-driven supply tightening, with $2,800 to $2,900 identified as a crucial support zone.
For now, the accumulation of whales provides constructive structural support within an otherwise fragile market structure.
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