XRP, Bitcoin and Ethereum Get Dumped So Hard, It's Bullish: Santiment

New on-chain data from Santiment suggests that the latest wave of selling across Bitcoin, Ethereum and XRP looks less like the start of a new collapse and more like a fatigue event from smaller market participants. 

It is not about big funds unloading in the background, as the pressure now comes from short-term holders and retail wallets that finally stopped trying to sit through another leg down.

According to Santment's recent data, wallets holding less than 0.01 BTC reduced their balances by about 0.36% over the past five days, while sub-0.1 ETH wallets cut roughly 0.9% in a month, and XRP wallets with under 100 coins offloaded 1.38% since the beginning of November. 

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These numbers are not enormous on their own, but they describe the same pattern: smaller holders are the ones that are actively sending coins to the market.

Retail panic on crypto market

This thesis is backed by CryptoQuant's numbers too, with around 65,200 BTC being sent to exchanges in unrealized loss over a single day, a volume worth close to $6 billion at current prices. This indicator does not track completed trades, but it shows how much Bitcoin short-term holders move onto exchanges while still underwater. 

In practice, such spikes usually mean that part of this supply is already sold, while the rest is waiting in line on the order books.

Historically, this group tends to act late. They sell after weeks of frustration, not at the first sign of weakness. Once they have pushed most of their coins onto exchanges, additional downside usually requires a new source of supply. 

If that source does not appear, the price often stabilizes and then recovers simply because the most impatient cohort has already exited. From that angle, the current mix of heavy STH transfers and synchronized retail selling across XRP, Bitcoin and Ethereum can be read as an early sign that the sell side is running out of energy rather than gaining it.