Ethereum fell below $1,980 on 21 February as unrealized losses spread across major whale cohorts and the spot price slipped under the $2,075 mega-holder cost basis. At the same time, founder-linked wallets resumed staggered ETH sales and Kalshi markets priced high odds of deeper downside, including an 85% chance of a drop under $1,750. Despite this stress, on-chain data shows restrained whale selling and suggests strategic absorption rather than disorderly capitulation.

Since late December, monthly whale-sized stablecoin transfers to Binance climbed from about $27 billion to roughly $43 billion as Bitcoin revisited the $60,000 area. Between 12 and 15 February, realized losses totaled about $2.3 billion, and on 20 February large holders moved 6,317 BTC and 5,000 BTC to Binance, reinforcing bids around that band.

XRP has fallen about 70% from its 2025 high of $3.65 to nearly $1.10, with realized losses recently spiking to roughly $908 million in the largest capitulation event since 2022. Large wallets and spot ETFs have been absorbing distressed supply as exchange reserves fall to five‑year lows and 30‑day volatility compresses, pointing to a maturing but still fragile market structure. While a past $1.93 billion loss event preceded a 114% rebound, changing liquidity conditions and institutional participation may alter the speed and scale of any recovery in the current cycle.

PUMP’s market structure is being reshaped as a wallet linked to "77DsB…" offloaded 3.376 billion tokens worth about $7.23 million between the 17th and 21st of February, after earlier receiving 3.75 billion PUMP valued near $25.39 million. At the same time, revenue-funded buybacks have accumulated $297.829 million in PUMP purchases, retiring 25.062% of circulating supply and tightening the token float. Pump.fun still drives significant DeFi activity with $499.9 million in daily DEX volume and $3.15 million in 24-hour fees, even as Solana-native speculative flows and platform momentum show signs of cooling.

Lighter LIT dominance in DeFi perpetuals neared 60% in mid-December 2025, then slid to about 8.1% by mid-February as incentives faded and speculative activity cooled. Daily perps volume moved toward $15–20 billion with roughly a 30% year-over-year decline, while Hyperliquid’s share approached 40–50% amid liquidity rotation.

In the first 50 days of 2026, Bitcoin fell 23% from about $88,700 to near $68,000, while market capitalization slid 24% from roughly $1.76 trillion to $1.34 trillion. ETF products saw $2.9 billion in outflows as leverage unwound. Binance's Open Interest dropped from roughly $16 billion to near $ 6 billion, amplifying cross-exchange volatility.

KITE has advanced from a base near $0.16 to highs around $0.2706, with bulls overcoming the $0.24–$0.25 barrier and now testing a dense resistance area below $0.30. Derivatives data show Open Interest climbing toward $100–$120 million and funding rates turning firmly positive, signaling leveraged long interest but also rising liquidation risk if momentum fades. Technical supports sit near $0.25, $0.20 and $0.18, while a sustained move above $0.27 could open a path toward the $0.30–$0.35 zone.

According to CryptoQuant, Ethereum derivatives have seen sharp deleveraging, with aggregate open interest sliding from $33.3 billion to about $11 billion, a 66% decline. CoinGlass also tracked roughly $189 million in 24‑hour liquidations as price moved toward $1,900, while exchange balances reached a multi‑year low of 16.1 million ETH.

WLFI’s price pulled back from a late January peak near $0.1800 and later stabilized between $0.0994 support and $0.1393 resistance as event-driven demand emerged. Following the World Liberty Forum and an RWA tokenization plan, WLFI briefly rallied toward $0.13 and now trades around $0.116–$0.12, with a confirmed break above $0.14 needed to target $0.15–$0.18.