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.

XRP climbed 7% to $2.19 in the past 24 hours, outpacing the broader cryptocurrency market. On-chain data shows the derivatives Open Interest Delta RSI has risen above 70, a level historically associated with aggressive speculative positioning and local price peaks.

On-chain data show substantial USDC transfers to centralized exchanges as Bitcoin declined to $81,000. CryptoQuant analyst Maartunn reported that the USDC Exchange Inflow indicator recorded multiple spikes, suggesting traders may be positioning to buy digital assets at lower prices. Short-term holders face significant unrealized losses not seen since November 2022.

US-based Bitcoin investors drove recent selling pressure, with the Coinbase Premium Gap falling to -$90, data show. The negative premium indicates stronger selling on Coinbase versus Binance. American trading sessions recorded deep negative returns while European and Asia-Pacific sessions remained neutral over the past month.

Short-term Bitcoin holders deposited 65,200 BTC to exchanges at a loss within 24 hours, valued at $6.08 billion. Data show this occurred as BTC approached $89,000, marking another capitulation wave. The 7-day moving average of realized losses reached $427 million, the highest since November 2022, according to Glassnode.

Solana exhibits a significant on-chain supply gap beneath $144, with the next meaningful demand cluster not appearing until approximately $24, according to analyst Ali Martinez. UTXO Realized Price Distribution data from Glassnode shows sparse accumulation zones between these levels, creating what Martinez characterizes as an "air gap" in support structure. SOL currently trades near $141 after briefly dropping to $135 during recent volatility.

Bitcoin dropped to approximately $98,500 as long-term holders intensified selling activity. Data show investors holding coins for over 155 days have been reducing their supply at an accelerating rate, marking their third major distribution wave of the current cycle. The decline followed Bitcoin's breach of the $100,000 level amid increased profit-taking pressure.