Market Capitulation as Over 8M BTC and Much of ETH Supply Sits at Loss
A significant downturn in the crypto market has left over 8 million Bitcoin underwater, with Ethereum showing similar trends in profitability. Experts suggest that such capitulation phases can highlight future opportunities, though sentiment remains bearish, according to analysis from Decrypt.
The crypto market is experiencing a notable capitulation phase as more than 8 million Bitcoin are currently at a loss. This downturn reflects a larger market reset, with the values of Bitcoin and Ethereum having dropped significantly in 2026.
According to Glassnode, an on-chain analytics firm, about half of Bitcoin's circulating supply was profitable during its peak, but this number has decreased sharply, indicating heavy losses among investors. "The share of Ethereum supply sitting at more than 3x profit has dropped to 11%, the lowest reading since February 2017," the firm noted. This contrasts with previous cycles where more than 50% of the supply was in profit at the peak.
Data from CoinGecko reveals that Bitcoin and Ethereum have decreased approximately 31% and 46% respectively in 2026. Meanwhile, XRP has also seen a 41% decline this year, faring slightly better than Ethereum in performance metrics. Notably, as the crypto market struggles, the Realized Profit to Loss Ratio for XRP has dropped to 0.38, suggesting that for every dollar lost, only 38 cents of profit are being realized, a sign that a majority of market participants are incurring losses.
Gracy Chen, CEO of Bitget, remarks that these periods of stress are often revealing: "We are seeing a meaningful portion of the market sitting on unrealized losses, which historically has coincided with lower sentiment and greater market volatility." Overall, the current conditions in the crypto market highlight a significant pivot in investor sentiment and reflect broader concerns about the future performance of leading cryptocurrencies.
Summary based on original reporting by Akash Girimath at Decrypt, originally published Jun 10, 2026. SolanaWire does not republish source content.
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