Ethereum fell from about $2,375 on May 11 to nearly $2,031 as of May 23, a 14.5% drop that puts the $2,000 level in focus. Despite aggressive buying across spot and futures markets, sell orders reportedly absorbed incoming demand while spot volume slipped from 470,770 ETH to 256,963 ETH. Futures participation rose slightly, with open interest up 0.69% from about $15.43 billion to $15.54 billion as funding rates stayed positive.

XRP's exchange reserve declined in a single day from 2,744,841,237 XRP to 2,709,389,071 XRP, indicating more tokens moved off trading venues. The asset has stayed in the red for more than a week, recently retesting $1.31, and was trading around $1.33 at the time of writing after dropping 5.43% over the past week.

XRP's large-transfer activity has cooled as whale transactions worth at least $1 million fell sharply over the past 9 days. The count dropped from 157 to 67, a 57.3% decline, which has fueled talk of continued consolidation and a potential extended correction. Analysts note XRP recently retested $1.31 and argue lower whale volume can coincide with tighter price action before a bigger move.

XRP logged a $12.57 million weekly ETF inflow as of Friday, May 23, while Bitcoin and Ethereum posted net weekly outflows. The same dataset shows Bitcoin recorded $1.15 billion in outflows and Ethereum saw $209.32 million in withdrawals over the period. XRP also traded around $1.36 during the week, staying below $1.40 amid broader bearish sentiment.

CryptoQuant data shows XRP exchange reserves continued sliding after the May 14 surge, reaching about 2,754,700 XRP across major venues as of May 17. XRP later moved back into gains, trading at $1.42 at the time of writing, up 0.97% over the past 24 hours.

Ethereum spot ETFs logged a $65.65 million net weekly outflow, the largest weekly withdrawal since January, with no day showing fresh inflows. Withdrawals were steady throughout the week, with the biggest single-day outflow on Tuesday, May 12, when funds shed $130.62 million in 24 hours.

BitMine Chairman Tom Lee and MicroStrategy Chairman Michael Saylor both renewed crypto buying activity, with BitMine reporting a larger purchase in the same period. MicroStrategy added about $43 million in Bitcoin at an average price of $80,340 per BTC, while BitMine disclosed a $61.36 million Ethereum acquisition to expand its ETH treasury.

On Monday, May 11, CryptoQuant data showed Bitcoin's Adjusted Spent Output Profit Ratio (aSOPR) has held above 1.0 for nine straight days, indicating recently moved coins are being sold at a profit. The streak is described as the longest run of sustained profitable spending since October 2024, while BTC price has remained resilient even as profit-taking increases.

On Friday, May 8, CryptoQuant data highlighted diverging institutional flows between Bitcoin and Ethereum. Since February, institutional Bitcoin holdings rose by about 92,000 BTC, lifting totals from roughly 1.278 million BTC to 1.370 million BTC (+7.2%). Over the same period, institutional Ethereum holdings fell from about 5.93 million ETH to 5.80 million ETH, implying withdrawals of more than 127,000 ETH (about -2.1%).