As the crypto market grapples with persistent volatility in 2025, new on-chain data reveals a sharp decline in profitability across major digital assets

 This metric works by analyzing the last transaction price of each coin. If that price is lower than the current spot price, the coin is considered to be in profit.

Crypto market imbalances continue to be a pressing concern in 2025. Fresh on-chain data from Glassnode unveils a stark decline in profitability across major digital assets, with Dogecoin (DOGE) now seeing nearly half of its supply slip into loss.

Among the eight cryptocurrencies analyzed, Dogecoin experienced the most significant shift in profit metrics. Since the beginning of the year, DOGE has seen an additional 32.3% of its supply fall into the red, decreasing its Supply in Profit by 32.3 percentage points to 50.8%. This means that nearly half of all Dogecoins in circulation are now being held at a loss.

Cryptocurrency Last Transaction Price Coin in Profit Change

Dogecoin (DOGE) $0.153 50.8% -32.3

Ethereum (ETH) $2,006 44.9% -39.8

Solana (SOL) $31.6 31.6% -26.3

XRP $0.509 80.7% -6.4

Tron (TRX) $0.07 81.6% -5.7

Bitcoin (BTC) $76,700 76.8% -2.3

Toncoin (TON) $2.36 76.7% -3.7

Among the eight major cryptocurrencies analyzed, Dogecoin (DOGE) stood out with a dramatic drop. Since the beginning of 2025, DOGE has seen an additional 32.3% of its supply fall into the red, bringing its Supply in Profit to just 50.8%.

This metric works by analyzing the last transaction price of each coin. If that price is lower than the current spot price, the coin is considered to be in profit. Conversely, when a token’s market price falls below the value it was last transferred at, it slips into the “Supply in Loss” category.

Among the eight major cryptocurrencies analyzed, Dogecoin experienced the most significant shift in profit metrics. Since the beginning of the year, DOGE has seen an additional 32.3% of its supply fall into the red, decreasing its Supply in Profit by 32.3 percentage points to 50.8%.

Among the eight major cryptocurrencies analyzed, Dogecoin experienced the most significant shift in profit metrics. Since the beginning of the year, DOGE has seen an additional 32.3% of its supply fall into the red, decreasing its Supply in Profit by 32.3 percentage points to 50.8%.

This statistic tracks the percentage of a coin’s circulating supply that is currently sitting on unrealized gains. If the last transaction price of a coin is lower than the current spot price, then the coin is considered to be in profit. Conversely, when a token’s market price falls below the value it was last transferred at, it slips into the “Supply in Loss” category.