Here’s How Much XRP Supply is in Loss as XRP Trades at $2.15

Recent on-chain analysis from Glassnode has revealed the current rate of XRP and Bitcoin supply in the red.

Glassnode, a prominent digital asset analytical platform, released these recent statistics in an X post as the crypto market shows resilience. Bitcoin has held above $87,000, while altcoins have seen mixed price movements.

XRP Holder Profitability Sees Boost

The Glassnode tweet highlighted the profitability rates of some of the top cryptocurrencies by market cap to holders. It started off with the sector’s leader, Bitcoin, stating that 34.91% of its supply is at a loss.

Notably, BTC has a circulating supply of 19.95 million, according to CoinMarketCap, accounting for over 95% of the asset’s max supply. Notably, the Glassnode report shows that, of this figure, 6.96 million bitcoins are currently held at an unrealized loss. Consequently, a larger portion, about 65.09% of Bitcoin’s supply, is in profit, representing approximately 12.98 million BTC.

Meanwhile, about 36.70% of XRP’s supply is in the red. With its current circulating supply of 60.25 billion, this suggests that 22.1 billion tokens are unprofitable to holders at the present market standing.

Remarkably, an earlier report, barely a week ago, showed that 41.5% of the XRP supply is in the red, a figure last seen when prices trended at $0.50. At the time of this report, XRP changed hands at $2.15.

Its slight growth to $2.18 at press time has reduced this number, ensuring that 63.3% of XRP holders now have unrealized gains.

Large Chunk of Solana Supply in Loss

Glassnode also highlighted the rate of Solana and Ethereum supply in loss. Specifically, 38.37% of Ethereum’s 120.69 million circulating supply is in the red, with the other 61.63% (74.38 million ETH) held at unrealized gains.

Solana has the largest supply in loss among the listed cryptocurrencies. Notably, a staggering 74.84% of its circulating supply is unprofitable to holders, accounting for 418.55 million of its 559.26 million supply.

Notably, this suggests that most holders bought Solana either around the 2021 top or between last year and now. It also shows they ignored the token during the FTX implosion, which saw SOL capsize to $11 before the rebound.

Meanwhile, an accompanying chart shows an elevated percent supply in profit for Bitcoin and XRP between May and October, before the recent price downturn pushed it lower.

However, Ethereum and Solana saw a lower percentage supply compared to BTC and XRP in May, but saw growth in between July and October. The recent correction hit SOL holders the hardest, forcing supply profitability to drop below 30% in November.

Remarkably, the percentage of supply in loss helps explain holder sentiment and potential market moves. Coins with more holders in loss are more likely to experience selloffs if harsh market conditions persist than those with more profitable users.