In the past day, traders have added new Bitcoin positions in the perpetual futures market, and the Funding Rate indicates these are largely leveraged long bets. On-chain data shows Open Interest climbed from 304,000 BTC to 310,000 BTC alongside a price recovery toward $90,000, while the Funding Rate increased from 0.04% to 0.09%. Bitcoin has since eased slightly from its latest high, with the spot price pulling back to $89,500.

Over the past week, on-chain metrics tracked by Sentora show Ethereum exchanges recorded net outflows of $978.45 million, indicating strong withdrawals from centralized platforms. This period also saw ETH transaction fees fall to about $2.64 million, more than 15% lower week-over-week, alongside a price drop to $2,780 before a rebound to just under $3,000. A major supply cluster around $2,772 highlighted by Glassnode's URPD data suggests many holders may have been defending this level through dip buying.

On-chain firm Santiment said on X that Bitcoin and Ethereum funding rates have diverged amid recent volatility. BTC longs remain dominant as the price jumped to $90,300 before sliding to $85,300, while ETH turned short-heavy after a move to $3,000 and a pullback to about $2,790. Bitcoin later recovered to $87,100 on Wednesday.

Over the past 24 hours, a sharp pullback in Bitcoin, Ethereum and other major tokens triggered a wave of liquidations on derivatives venues. CoinGlass data shows totals surpassed $650 million, with about $584 million from longs; Ethereum led with over $235 million versus Bitcoin at $186 million, while Glassnode flagged BTC's spot near $87,200 below the $87,900 Active Realized Price.

On-chain analytics firm Santiment, in a new post on X, reported that XRP's 30-day MVRV sits at -6.1%, placing it in an undervalued zone. Ethereum's reading is 7.2% and Bitcoin's is 2.4%, while Cardano and Chainlink stand at -4.4% and -0.3%, respectively. At the time of writing, XRP is around $2.04, up 1.5% over 24 hours.

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.