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Nearly half of the bitcoin:native circulating supply was in profit at the cycle peak. Today, that figure has fallen sharply as over 8M BTC sit underwater, highlighting the scale of the recent market reset.
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The share of ETH supply sitting at more than 3x profit has dropped to 11%, the lowest reading since February 2017.
What makes this cycle structurally different?
In the previous two cycles, this cohort exceeded 50% of total supply at peak. This time, that threshold was never reached. ETH's profitability profile has fundamentally compressed relative to prior cycles.
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bitcoin:native fell from $74K to below $60K in a swift sell-off, triggering heavy liquidation pressure. Buyers stepped in near the lows, helping price recover toward $64K, but the broader trend remains weak.
Read this week’s Market Pulse👇

Glassnode's Daniel Blackmore will be speaking at WAIB Summit 2026.
Moderating “Beyond the Four-Year Cycle: What Drives Crypto Markets Now?” 📅 June 9th | 09:45 CET

Aggregated realized loss spiked to $1.3B/day as price contracted back to $62k. Long-term holders accounted for $770M of that, roughly 59% of total losses realized.
The cycle-top buyers who held through the drawdown are now exiting at a loss.
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The Rally That Wasn't
$BTC has fallen to $66K, with profitability collapsing, realized losses surging, and spot sellers regaining control. We are below the ETF cost basis, and options continue pricing elevated risk.
Read the full Week On-Chain👇

Glassnode's 2023 spinout @CenseAG has raised €6.5M in a seed round co-led by @GD_Ventures and Rabo Investments. Powered by Glassnode's on-chain analytics, Cense gives banks the infrastructure to assess and document clients' digital asset activity at scale.

At $69.5k, LTH Relative Unrealized Loss sits at 15.5%. For every dollar long-term holders' bags are worth today, they are carrying roughly 15 cents in unrealized loss.
At cyclical extremes, that number has exceeded 50 cents on the dollar.
Stress is present, but the long-term holder base remains far from the levels of pain that have historically marked cycle lows.
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US Spot ETF flows have swung back to persistent net outflows, with the 7-day average now near the weakest levels of the cycle.
The shift in flows has coincided with bitcoin:native retracing from $82K to $69K, highlighting materially softer demand.
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bitcoin:native trades at $71.3K under growing pressure. Sellers dominate spot, ETF outflows accelerate to $1.3B, and fresh capital has stalled. Structure has broken and momentum favours the downside near-term.
Read this week’s Market Pulse👇

Stalling at the Threshold
bitcoin:native has pulled back from the low-$80K region back toward $75K as spot demand, ETF inflows, and volatility expectations continue fading. Positioning has reset, but conviction remains limited.
Read the full Week On-Chain👇

Funding rates have flipped decisively positive again, with traders increasingly paying a premium to maintain long exposure as $BTC consolidates near the mid-$70Ks.
The move marks a sharp reversal from April’s heavily short-biased positioning.
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At current price, ~7.75M BTC are held at a loss.
This supply overhang is a structural feature of bear markets, typically resolved only as weaker hands capitulate.
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#Bitcoin pulled back from $79K to $74K before rebounding toward $77K, with momentum and activity cooling. Despite softer sentiment, easing sell pressure hints at early signs of stabilization.
Read this week’s Market Pulse👇

#Bitcoin pulled back from $79K to $74K before rebounding toward $77K, with momentum and activity cooling. Despite softer sentiment, easing sell pressure hints at early signs of stabilization.
Read this week’s Market Pulse👇

Since May 7, US Spot ETFs have recorded net outflows on nearly every trading day, a persistent institutional sell signal now running for more than two weeks.
This steady drip of outflow continues to add to the supply side without a visible demand offset.
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Rally Slows Into Resistance
$BTC remains structurally resilient, but weakening spot demand, slowing ETF inflows, and increasingly crowded long positioning suggest upside momentum is cooling beneath the surface.
Read the full Week On-Chain👇

At $76.7k, more than 7.8M BTC are currently held at a loss.
The supply overhang from buyers near cycle highs remains substantial, a weight the market will need to absorb before any sustained move higher becomes structurally credible.
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Median SOPR across the top 500 coins just hit break-even (SOPR=1), the highest reading since BTC traded near all time highs. The move was met with heavy selling across the market.
The typical altcoin holder has been realizing losses since late 2024.
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