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The share of ETH supply sitting at more than 3x profit has dropped to 11%, the lowest reading since February 2017.

What makes this cycle structurally different?

In the previous two cycles, this cohort exceeded 50% of total supply at peak. This time, that threshold was never reached. ETH's profitability profile has fundamentally compressed relative to prior cycles.

📉 http://glassno.de/eth-supply-pnl-relative

The 90D-SMA of total fees paid on the XRP network has fallen from 5.9k XRP in Feb 2025 to 0.5k XRP today, a 91.5% decline.
A drop of this magnitude is not a fee market adjustment. It reflects a near-total contraction in organic transaction demand on the network since the speculative peak.

📉 glassno.de/xrp-fees

Nearly half of the $BTC circulating supply was in profit at the cycle peak. Today, that figure has fallen sharply as over 8M BTC sit underwater, highlighting the scale of the recent market reset.
📉https://glassno.de/4unfmj6

The 90D-SMA of XRP's Realized Profit to Loss Ratio has fallen to 0.38. For every dollar of loss being realized in the market, only 38 cents of profit is being taken.
At the 2025 peak, this ratio reached 50, meaning profit-takers were overwhelming loss-sellers by a factor of 50x. That dynamic has fully inverted.

A ratio this deep below 1 reflects a market where the majority of participants who are moving coins are doing so at a loss, a hallmark of intense capitulation.

📉 glassno.de/xrp-rplr