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.

The Bitcoin Puell Multiple has fallen to 0.67, indicating miners are earning 67% of their typical yearly income from block subsidies, according to analyst Ali Martinez. The decline follows recent price weakness, though the metric remains above the sub-0.50 levels historically associated with major market bottoms since 2015. Bitcoin currently trades around $91,600 as miner profitability remains compressed.

On-chain analytics firm Glassnode has flagged a sharp decline in Bitcoin long-term holder liquidity amid the recent downturn. The firm's latest report warns that if the LTH Realized Profit/Loss Ratio compresses toward 10x or lower from its current 408 level, the probability of entering a deeper bear market increases significantly. Short-term holders currently show severe capitulation, with their profit/loss ratio at 0.07, indicating heavy losses among recent buyers.