Bitcoin, XRP Supply in Red: Latest Glassnode Data Shows Profitability

TLDR

• Glassnode’s recent analysis shows that 34.91% of Bitcoin’s circulating supply is currently at a loss.
• Approximately 36.70% of XRP’s circulating supply is in the red, with 22.1 billion tokens unprofitable.
• The price of XRP has risen slightly, reducing the percentage of holders in loss to 36.70%.
• Bitcoin remains resilient, with 65.09% of its circulating supply in profit despite the losses.
• Solana has the highest percentage of its supply in loss, with 74.84% of its circulating supply unprofitable.

Recent on-chain analysis from Glassnode has revealed that both Bitcoin and XRP are facing significant portions of their supply in the red. The data shows that a large percentage of Bitcoin’s and XRP’s circulating supplies are currently in the red. Despite this, Bitcoin continues to hold above $87,000, while XRP has seen slight price growth.

Bitcoin’s Supply in Loss

According to Glassnode, 34.91% of Bitcoin’s circulating supply is in the red, with 6.96 million BTC at unrealized losses. Bitcoin’s current circulating supply stands at 19.95 million BTC, accounting for over 95% of its total supply. Despite this, the analysis shows that the majority of Bitcoin holders, around 65.09%, are in profit, with 12.98 million BTC still in the green.

The current data reveals that a large portion of Bitcoin holders are sitting on unrealized profits. As Bitcoin’s price remains above $87,000, the number of holders in profit has remained higher than those in loss. Glassnode’s analysis paints a picture of a mixed market for Bitcoin holders: some are still in losses, while others are in profit.

Despite ongoing fluctuations, Bitcoin’s market resilience remains evident. As Glassnode noted, the market conditions for Bitcoin holders have varied, with profit percentages remaining substantial over time.

XRP Supply Fluctuates as Profitability Improves

XRP has also experienced fluctuations in the profitability of its supply, with 36.70% of its circulating supply currently in the red. XRP’s circulating supply stands at 60.25 billion, meaning that 22.1 billion XRP tokens are unprofitable for holders at this moment. However, this number has decreased since last week when 41.5% of XRP’s supply was in the red.

The recent rise in XRP’s price to $2.18 has reduced the percentage of XRP holders in loss. This price movement has led to 63.3% of XRP holders seeing unrealized gains, according to Glassnode. The reduction in loss percentages comes as XRP continues its slight growth, improving overall sentiment among holders.

Despite these fluctuations, XRP’s performance continues to reflect the resilience of its market participants. The change in supply dynamics shows how price movements impact the overall profitability of XRP holders, offering insights into market sentiment.

Solana and Ethereum Market Supply Trends

In comparison to Bitcoin and XRP, Solana has experienced a much larger portion of its supply in loss. Around 74.84% of Solana’s circulating supply is in the red, totaling 418.55 million SOL tokens. Solana’s supply issues are mainly attributed to purchases made during the 2021 price peak and the market struggles following the FTX collapse.

Ethereum, on the other hand, sees 38.37% of its circulating supply in the red. This means that 74.38 million ETH tokens are currently held at a loss. Ethereum’s supply distribution is more stable than Solana’s, with a larger proportion of holders in profit.

This data further highlights the varying market conditions for different cryptocurrencies. Bitcoin and XRP have maintained a higher percentage of holders in profit, while Solana and Ethereum have faced greater difficulty during recent market corrections.

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