Key Notes
- TRX and XRP lead the market with over 80% of their supply still in profit.
- ETH and SOL holders are largely underwater, both seeing steep YTD declines in profitability.
- Bitcoin, ONDO, Dogecoin, and Toncoin (TON) holders are somewhere in the middle.
Amid the recent market turbulence, on-chain analytics firm Glassnode highlighted an intriguing divergence in crypto asset profitability.
While two major cryptocurrencies continue to boast strong unrealized gains for holders, others, particularly Ethereum ETH $1 531 24h volatility: 1.3% Market cap: $184.80 B Vol. 24h: $20.89 B and Solana SOL $107.2 24h volatility: 0.9% Market cap: $55.28 B Vol. 24h: $5.86 B , have seen a steep collapse in holder profitability this year.
TRX and XRP: Still Sitting Pretty
At the top end of the spectrum is Tron TRX $0.23 24h volatility: 3.4% Market cap: $22.29 B Vol. 24h: $728.94 M , with 84.6% of its total supply still in profit, only down 5.6 percentage points year-to-date.
Despite recent drawdowns, some assets still have the majority of their supply in profit.
On the high end: $TRX : 84.6% of supply in profit (down just -5.6pp YTD) $XRP : 81.6% (down -10.4pp)
— glassnode (@glassnode) April 8, 2025
TRX is currently trading at $0.2349, up 4% in the past 24 hours, and has recently reclaimed its 20-day Exponential Moving Average (EMA) at $0.2334.
Notably, the asset is still relatively close to its all-time high of $0.4407, reached just four months ago.
Close behind is Ripple’s XRP , with 81.6% of its supply in profit, despite a 10.4-point decline YTD. XRP XRP $1.90 24h volatility: 1.8% Market cap: $110.91 B Vol. 24h: $5.42 B is currently priced at $1.87, having jumped 7.28% in the past day.
Technically, the token faces key resistance at its 20-day EMA at $2.13, but first needs to reclaim the former support level at $2 to confirm a stronger bullish setup.
ETH and SOL: Holders Drown in Losses
At the opposite end of the spectrum are Ethereum (ETH) and Solana (SOL), both experiencing some of the steepest drop-offs in profitability this year.
Only 44.9% of ETH’s supply remains in profit, down a staggering 39.9 percentage points since the start of the year.
On the low end: $ETH : 44.9% in profit (↓ -39.9pp YTD) $SOL : 31.6% (↓ -46.8pp)
These two saw the steepest declines in unrealized gains across majors. A majority of holders are now underwater.
— glassnode (@glassnode) April 8, 2025
Despite a modest 5% recovery in the last 24 hours, ETH is still down nearly 30% in the past month, and more than 50% off its all-time high of $4,878 from the 2021 bull run.
Ethereum has notably failed to set a new ATH this cycle, unlike some of its peers.
Interestingly, a dormant Ethereum whale, dubbed an “Ethereum OG”, recently stirred after seven years of inactivity, transferring 2,000 ETH worth $3.11 million to Kraken .
Solana, meanwhile, has fared even worse. Only 31.6% of SOL’s supply is currently in profit, a year-to-date plunge of 46.8 percentage points.
After a strong 7.7% bounce, SOL trades at $107, but the 20-day EMA at $122 looms as stiff resistance. While bulls may be hopeful, many holders are still deep underwater.
Middle Ground: BTC, TON, ONDO, DOGE
Several other major assets lie between the extremes. Bitcoin BTC $78 419 24h volatility: 0.2% Market cap: $1.56 T Vol. 24h: $44.63 B maintains a solid position with 76.8% of supply in profit, though that figure has fallen 11.9pp YTD.
Other assets sit somewhere in between: $BTC : 76.8% (↓ -11.9pp) $TON : 76.7% (↓ -5.5pp) $ONDO : 74.3% (↓ -22.2pp) $DOGE : 50.8% (↓ -32.3pp)
— glassnode (@glassnode) April 8, 2025
Currently trading at $78,923.96, BTC briefly jumped past $80,000 following a fake news article that claimed that Donald Trump would delay the tariffs by 90 days.
The White House later debunked the claim, pulling the asset back below $80,000.
Toncoin TON $3.06 24h volatility: 1.4% Market cap: $7.57 B Vol. 24h: $188.06 M and Ondo ONDO $0.75 24h volatility: 0.4% Market cap: $2.38 B Vol. 24h: $169.99 M have 76.7% and 74.3% of their supplies in profit, respectively.
TON is trading at $3.11, up 3.85% on the day and 9% over the past month, while ONDO has rebounded 6.74% today to $0.7478, despite being down 8% in the past 30 days.
Meanwhile, Dogecoin DOGE $0.15 24h volatility: 2.8% Market cap: $22.46 B Vol. 24h: $2.05 B is in a precarious middle zone, with just 50.8% of supply in profit, down 32.3pp YTD.
Currently trading at $0.1504 after a 7.5% increase, DOGE has caught analyst attention, as it appears to be breaking out from an ascending parallel channel.
#Dogecoin $DOGE is breaking out of an ascending parallel channel, signaling a potential move toward $0.060! pic.twitter.com/p4nclPILNr
— Ali (@ali_charts) April 7, 2025
Crypto analyst Ali Martinez suggests a move toward $0.060 could be on the cards, although that would represent a steep drop from current levels.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
