Overstating Loss-Driven Sell Pressure: Bitcoin, Ethereum, and Solana Supply Reveals a Different Picture

New data from Glassnode suggests that while Bitcoin, Ether, and Solana exhibit record high levels of supply held at a loss, the actual pressure on liquid supply is significantly lower than these figures indicate. This discrepancy stems from substantial institutional holdings, staking, and locked reserves within these ecosystems. 40% or more of Ether’s supply is held at a loss, while over 75% of Solana’s supply is locked in staking, ETFs, or strategic reserves. Bitcoin’s supply at a loss appears more significant but institutional holdings and permanently lost coins play a substantial role in diminishing its true liquid float.