Most altcoin holders remain underwater, Glassnode says

Altcoin holders remain broadly underwater, with the median asset having less than 25% of its supply currently in profit, according to Glassnode.
Glassnode suggests the depressed profitability profile is inconsistent with the widespread unrealized gains typically associated with an overheated market top.
The data may indicate that much of the altcoin market remains far below previous profitability extremes, although low supply-in-profit alone does not guarantee that a market bottom or future rally is in place.