Fresh on-chain data that keeps track of the percentage of total supply in profit provides a revealing look into the health and sentiment of the crypto market’s largest players. This metric approximates what part of a cryptocurrency’s circulating supply is currently held at a profit (the current market price is higher than the average price at which holders acquired their tokens). The new data comes from Glassnode, a crypto analytics firm that provides on-chain insight into the market. The information reveals that Bitcoin and Ethereum lead by a wide margin, with the vast majority of their holders comfortably in the green. In the meantime, coins such as Cardano and Chainlink are lagging behind, with more than half of their supply underwater. These figures not only indicate the market’s current dynamics but also suggest possible directions for future price action. Bitcoin and Ethereum Lead With High Confidence—And Some Caution At the top of the list, with a staggering 94.5% of its circulating supply currently in profit, is bitcoin. This means that nearly 19 out of every 20 BTC in existence is held by someone who purchased it at a price lower than that of today. Such a percentage is rather indicative of strong market confidence. Most holders are in the green and very likely maintaining their positions in the face of minor price dips. Ethereum is not far behind; 88.7% of its supply is in profit. When one looks at the numbers for BTC and ETH together, they depict a scene where the market has handsomely rewarded both long-term holders and late-cycle buyers. Historically, moments of this kind have coincided with periods of high momentum and bullish sentiment. Nonetheless, there’s a catch. When profit-taking becomes widespread—and in nearly all cases, the nearly all holders are sitting on gains—that very fact leads to increased selling pressure. Not a guaranteed trigger for a correction, of course, but such metrics are often viewed as a signal that the local market could be reaching a top, especially if momentum is fading or adverse macroeconomic conditions are emerging. Mid-Tier Coins Show Mixed Sentiment and Slower Recovery XRP and Dogecoin further down the list take on a more moderate look. XRP has 65.1% of its supply in profit, and Dogecoin follows closely at 64.7%. These two figures suggest that a majority of holders are in the green, but a significant portion—roughly one in three—are still waiting to break even or return to profitability. The split profile underscores a much less even performance during the past several market cycles. The two assets have seen their share of wild volatility and hype thanks to the media, but haven’t consistently managed to generate (or maintain) the upward price movement that seems (or seemed) baked into the price forecasts for Bitcoin or Ethereum. The middle-ground profitability of these mid-cap crypto assets could be an inflection point for investors in them. They seem almost to be on the verge of being profitable, yet they are under far less immediate profit-taking pressure than Bitcoin and Ethereum. If the mid-cap assets have a rally, that confidence that was restored in 2020 could very quickly see sidelined capital re-engaging with these assets. Cardano and Chainlink Hold the Most “Underwater” Supply Chainlink and Cardano are at the lower end of the list. Only 59.4% of LINK’s supply is in profit, and just 46.5% of ADA’s—meaning that more than half of Cardano’s holders are currently sitting at a loss. These numbers reflect a more bearish sentiment, and that indeed holds for a few cryptos right now . . . an amount of frustration over the long term growing among the holders who bought during the previous peaks. But this could position ADA and LINK as potential high-reward plays when the market again moves into a bullish phase, which is certainly not being ruled out at this point. When a lower percent of supply is in profit, it also suggests that the market might be in some form of seller exhaustion, where the weak hands have already dumped their holdings and the remainder of the market is long-term bullish. Additionally, with such a large portion of the supply held at a loss, there is less incentive for immediate profit-taking during a price recovery. This leaves more room for a sustained uptick in prices once demand comes back. Here is the Percent of Total Supply in Profit for six top-cap cryptocurrencies. This metric tracks the percentage of each asset’s circulating supply currently held at a profit (meaning the market price is higher than the average on-chain acquisition price). As of the latest… pic.twitter.com/2jBKekDMnH — Santiment (@santimentfeed) June 24, 2025 Even though Bitcoin and Ethereum may appear to be artificially inflated at present, cryptocurrencies like Cardano might be more promising simply because today’s prices may not be reflective of their true value. The reason for this is that today’s prices for Cardano—and other similar coins—are also significantly lower than their all-time highs. Conclusion The metric of the Percent of Supply in Profit is more than just a historical snapshot. It offers a psychological map of the market. Right now, Bitcoin and Ethereum are both flying high. This is good for sentiment but raises caution flags around potential corrections. As for the mid-tier assets like XRP and Dogecoin, they strike a more balanced appearance when it comes to the outlook. Finally, these two projects, Cardano and Chainlink, look beaten down in the market. But there’s potential there—in terms of a recovery that could happen. Overall, this is a snapshot of the current landscape. With the crypto market moving tentatively toward what could be the next bull cycle, these profitability levels will be very important to watch. They furnish not just data but also insights into how likely each asset is to run into resistance, find support, or completely break out. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
