"Altcoins: only 5% of supply in profit…Bitcoin's share in profit zone plunges"

Minseung Kang

Summary

According to Glassnode, the altcoin market still remains in a sell-off zone, and the amount in profit is only about 5%.
Bitcoin also reportedly has a rapidly shrinking amount in profit due to recent price adjustments.
Unlike past cycles, this market shows an abnormal separation between the profit flows of Bitcoin and altcoins.

On-chain data analytics firm Glassnode said the altcoin market remains in a 'sell-off zone' and diagnosed that only about 5% of altcoin supply is in profit.

On the 15th (local time), Glassnode said on X (formerly Twitter), "The amount of altcoins currently in profit is only about 5% of the total," adding, "the proportion of profitable holdings is moving at an extremely low level." It explained that, meanwhile, Bitcoin (BTC) has seen the amount in profit rapidly decrease along with recent price adjustments.

Glassnode said, "In this market, the profit flows of Bitcoin and altcoins are moving differently," calling it "a characteristic that was hard to see in past cycles." It said that while altcoins have proactively entered a 'capitulation' phase (capitulation), Bitcoin now appears to have entered a full-fledged correction phase, an abnormal divergence that was hard to see in past cycles.

BTC