- Ethereum’s profitable supply fell from 85% to 44.9%, a 39.9-point drop and indicating growing capitulation risk.
- TRON leads major assets with 84.6% of supply in profit, showing strong investor confidence and minimal YTD drawdown.
- Bitcoin’s profitability dipped to 76.8%, but sentiment turned bullish after easing global tariffs and reduced macro tensions.
Despite recent market drop, Bitcoin, XRP and TRON continue to show notable strength in profitability, according to fresh data from Glassnode. The analysis, based on a 7-day moving average, shows that while several digital assets saw steep year-to-date declines in the percentage of supply held in profit, a few assets remain resilient.
This metric, “Percent Supply in Profit,” provides insight into overall investor sentiment and the profitability across major assets. While it covers data from late December 2024 to early April 2025, recent changes in market momentum are also shaping investor behavior.
Ethereum, Solana See Steepest Drop in Profitability
Ethereum and Solana recorded the sharpest losses among the top assets. Glassnode data shows ETH’s profitable supply dropped from around 85% to just 44.9%, down by 39.9 percentage points.
Solana posted an even steeper decline, with only 31.6% of its supply in profit, dropping 46.8 percentage points year-to-date. This decline suggests that a majority of ETH and SOL holders are now underwater, increasing the risk of capitulation.
Supporting this, Ethereum fell to just above 60% profitable supply by early April, down from 85% in January. Solana’s drop was more pronounced, sliding below 30%, the largest drawdown among all assets tracked.
TRON, XRP Hold Strong
TRON is one of the most stable assets, with 84.6% of its supply still in profit, only 5.6 points down year-to-date. Throughout the period, TRX stayed near the top, between 90% and 95%, reflecting steady price retention.
XRP also held relatively well, with 81.6% of its supply in profit. However, it recorded a 10.4-point decline since the start of the year. TON showed similar behavior, staying between 75% and 95% over the same period, although both assets dipped slightly in early April.
DOGE was between 65% and 85%, but has recently trended downward, settling around 70%. ONDO, on the other hand, had a significant decline, ending near 35% profitability.
Bitcoin Sentiment Rebounds as Exchange Flow Spike
Glassnode recorded BTC profitability at 76.8%, down 11.9 percentage points, but still relatively strong among top assets. However, CryptoQuant flagged a massive spike in Exchange Inflow CDD, suggesting old coins were moved to exchanges. This preceded Bitcoin’s drop from $82,000 to $76,000.
According to Mando, a market observer, crypto rebounded after global tensions eased, with Taiwan and the EU dropping key tariffs. He added that Bitcoin sentiment has turned positive, while Ethereum has moved from extreme fear to neutral on the Fear Index.
