On-chain data shows over 8 million BTC and a majority of ETH supply now trading below acquisition prices amid 2026 downturn.
Nearly 8 million Bitcoin and a significant portion of Ethereum’s circulating supply are now underwater, reflecting deep losses across the crypto market in 2026. On-chain analytics firm Glassnode noted the sharp decline from the cycle peak, where nearly half of BTC was in profit, now reversed as prices slumped 31% year-to-date for Bitcoin and 46% for Ethereum.
Ethereum’s profitability has compressed more dramatically than in prior cycles, with only 11% of its supply holding at more than 3x profit—the lowest level since February 2017. Previous peaks saw over 50% of ETH supply in such profitable territory, a threshold never reached this cycle. XRP’s performance, down 41% in 2026, mirrors the broader trend, with its Realized Profit to Loss Ratio collapsing to 0.38 from a 50x peak in 2025.
The data underscores a market reset, with loss-taking now overwhelming profit realization across major cryptocurrencies. Both BTC and ETH have struggled to regain momentum, extending the drawdown phase beyond historical patterns.