On-chain analytics firm CryptoQuant stated that Ethereum is currently trading at around $1,900, while its realized price is close to $2,450. This means that the average cost basis for all Ethereum is higher than the current price, putting holders in an unrealized loss, which constitutes the strongest valuation case among Bitcoin, Ethereum, and XRP. In contrast, Bitcoin's price is about 17% higher than its realized price of $52,900. Furthermore, CryptoQuant observed that large spot orders for XRP indicate that whales are "quietly accumulating" rather than driving a breakout rally. Whales have consistently bought the dip as XRP fell from approximately $2.40 in January to its current range of $1.00-$1.20, but they have not yet pushed the market higher.