The crypto market's 2026 drawdown, driven by Bitcoin's lackluster performance, has weighed heavily on most altcoins—borne out by on-chain data. Nearly half of Bitcoin's circulating supply was in profit at the cycle peak. That has dropped sharply, with over 8 million BTC sitting underwater, "highlighting the scale of the recent market reset," Glassnode posted Tuesday. A similar conclusion can be drawn for Ethereum, the second-largest cryptocurrency by market capitalization. "The share of Ethereum supply sitt ...