Recent data from Glassnode reveals that Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are experiencing record-high levels of their supply held at a loss. However, a deeper analysis suggests that the actual amount of liquid pressure under threat is much lower than implied by these percentages, particularly for Ether and Solana. 40% of ETH, and over 75% of SOL is locked in staking, ETFs, or strategic reserves. While Bitcoin’s supply held at a loss appears high, it significantly underestimates its actual liquid supply due to the presence of institutional holdings and lost BTC. Bitcoin currently holds 35% of its supply at a loss, a level last seen during the $27,000 trading range. However, true Bitcoin liquidity is far lower than reported numbers suggest, as only 19,953,406 BTC circulate freely; with around 3,725,013 BTC held by companies, ETFs, and governments. Estimates suggest that 3,000,000–3,800,000 BTC are lost forever, representing a considerable portion of the total circulating supply (15%-19%). Combined, these factors remove approximately 33% of Bitcoin from liquid circulation. Institutional holdings, particularly those tied to ETFs and corporate treasuries, operate under mandates tied to long-term accumulation or index tracking. These institutions are not sensitive to short-term market fluctuations, therefore the lost BTC further reduces the supply available for immediate reaction to pressure. Ether figures require a more nuanced interpretation. While 37% of ETH is currently held at a loss, a substantial portion of the network’s supply is locked or institutionally held. The ETH circulating supply stands at 120,695,601, with 35,681,209 ETH (approximately 29.6%) staked, 6.26M ETH (approximately 5.18%) in spot ETFs, and 6.36M ETH (approximately 5.26%) in strategic reserves. In total, over 40% of all ETH is effectively locked in staking, ETFs, or long-term institutional reserves. These categories historically do not react to short-term volatility, as they operate under mandates prioritizing long-term accumulation rather than discretionary selling. As a result, the actual liquid ETH supply facing loss-driven pressure is significantly smaller than the aforementioned 37%. Solana displays a sharp deviation. Although 70% of circulating SOL is held at a loss, the network has one of the highest staking ratios among major chains. The circulating SOL supply stands at 559,262,268, with 411,395,790.5 SOL (73.6%) staked and roughly 1% in ETFs. This means more than three-quarters of all SOL is locked in validator staking or institutional products, neither of which exhibit rapid selling behaviors. Notably, when SOL fell to $121, the supply held at a loss narrowed to 80%, a level it previously reached during periods around the $20 price range. This illustrates how the metric is sensitive to rapid price repricing rather than structural capitulation. Interestingly, both ETH and SOL’s supply-at-loss metrics tend to fall sharply during uptrends due to their heavy staking locks, making such spikes more reflective of price velocity than panic positioning. 40% of ETH and over 75% of SOL are locked in staking, ETFs, or strategic reserves. While Bitcoin’s supply held at a loss appears high, it significantly underestimates its actual liquid supply due to the presence of institutional holdings and lost BTC. The true liquid supply is far lower than reported numbers suggest. This article does not contain investment advice or recommendations. Every investment and trading move involves risk and readers should conduct their own research before making a decision.