Bitcoin, ETH, and SOL at a Loss: Bear Market or Just a Drama?

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Ah, the wonders of blockchain! Recent revelations from Glassnode show that Bitcoin (BTC), Ether (ETH), and Solana (SOL) are all flaunting record-high levels of their supply held at a loss. But don’t get your crypto knickers in a twist just yet. A little more digging into the locked supply, institutional holdings, and staking structures uncovers that the actual liquid supply in distress is significantly lower than the panic-inducing percentages imply, especially for ETH and SOL. 😅

Key takeaways:

  • A rather charming portion of Ether and SOL held at a loss is not liquid. Over 40% of ETH and more than 75% of SOL are locked away in staking, ETFs, or reserves – much like your old childhood toys, never to be touched again. 😜

  • Bitcoin’s “at-loss” supply seems high, but institutional holdings and lost BTC supply effectively shrink its real liquid float. It’s like a magic trick! 🎩✨

Positions at a loss don’t tell the whole story, darling

Bitcoin, currently sitting with 35% of its supply at a loss (last seen when BTC traded near $27,000), appears to be in a bit of a bind. But fear not, even without a staking mechanism, Bitcoin’s liquid supply is far smaller than it seems. Here are the cold, hard facts:

  • BTC circulating supply: 19,953,406 (Not a typo, folks!)

  • BTC held by public/private companies, ETFs, and countries: 3,725,013 BTC

  • BTC lost forever (yes, forever – oops!): 3,000,000-3,800,000 BTC, or about 15.0% to 19.0% of the total circulating supply. 💀

Combine all that and voilà! About 33% of all Bitcoin is gone from liquid circulation. Institutional holdings, especially ETFs and corporate treasuries, are far too busy sipping martinis and ignoring short-term volatility to sell off. And let’s not even get started on the “lost” BTC – they’re truly gone for good. 🕳️

Now, onto Ether. It’s a bit more nuanced, darling, as 37% of ETH is currently “held at a loss.” But wait! Much of this is locked up or held by institutions. Here’s the scoop:

  • ETH circulating supply: 120,695,601

  • ETH staked: 35,681,209 ETH (29.6%) – Not for sale, darling!

  • ETH in spot ETFs: 6.26M ETH (5.18%)

  • ETH in strategic reserves: 6.36M ETH (5.26%)

In total, over 40% of all ETH is locked in staking, ETFs, or held long-term by institutions. These categories are as likely to sell off in a panic as your grandmother is to text “YOLO” in her group chat. 😉 So the actual liquid ETH supply facing loss-driven pressure is much smaller than that 37% figure. Less drama, more reality.

Now, let’s talk about Solana. The “wild child” of the bunch, showing a shocking 70% of circulating SOL at a loss. But before you start clutching your pearls, let’s look closer:

  • SOL circulating supply: 559,262,268

  • SOL staked: 411,395,790.5 SOL (73.6%) – locked away like your old high school diary.

  • SOL in ETFs: roughly 1% of circulating supply. Yep, just a sprinkle.

In short, more than three-quarters of all SOL is locked in staking or institutional products. Neither of these is likely to jump off the shelf and sell out in a frenzy. And if you think SOL fell to $121, narrowing the loss metric to 80%, just wait until it hits $20 again. Price swings, darling. They’re just that dramatic. 🎭

In conclusion, across Bitcoin, Ether, and Solana, the raw loss percentages are a bit more flair than fact. Once you factor in locked supply, institutional holdings, and the ever-so-forgotten lost coins, the true liquid supply at risk is far more contained. It’s like realizing you’ve been worrying about an empty cookie jar. 🍪

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2025-11-25 21:01