Bitcoin supply held at a loss has exceeded 8 million BTC, while profitability indicators for Ethereum and XRP have worsened, deepening the broader cryptocurrency market downturn, the report said.

On June 10, Decrypt reported that selling pressure is rising across major cryptocurrencies as bitcoin weakness persists.

On-chain analytics firm Glassnode said nearly half of bitcoin's circulating supply was in profit at the cycle peak, but more than 8 million BTC has recently fallen below purchase prices. Glassnode viewed this as a signal showing the scale of the latest market reset.

Ethereum showed a similar pattern. The share of the Ethereum supply sitting at more than three times profit fell to 11 percent, the lowest level since February 2017. In the previous two cycle peaks, the share exceeded 50 percent of total supply, but it did not reach that level this time.

Year-to-date returns also supported the weakness. Based on CoinGecko, bitcoin is down 31 percent this year and Ethereum has fallen 46 percent. XRP is also down 41 percent since the start of the year. The decline is smaller than Ethereum's, but holder profitability and network adoption slowed sharply.

XRP's 90-day simple moving average realised profit-to-loss ratio fell to 0.38. That means only 38 cents of profit was realised when a $1 loss was realised in the market. At the 2025 peak, the ratio rose to 50, meaning profit-taking exceeded loss selling by 50 times, but the trend has now completely reversed.

Network activity also fell. The 90-day simple moving average of total fees paid on the XRP network dropped 91.5 percent to about 500 XRP now from 5,900 XRP in February 2025. That means organic demand for transactions has almost contracted since the speculative peak.

Market sentiment also remains weak. Bitget CEO Gracy Chen (그레이시 첸) assessed that much of the market is sitting on unrealised losses. Bitcoin traded at about $61,080, down 2.4 percent over the past 24 hours, and users of prediction market Myriad saw a 75 percent chance bitcoin will next retest $55,000.