More than 58% of ethereum’s supply is unprofitable

“ETH, as a token, is broken,” short seller Culper Research wrote in a report, likening the asset to Netscape and Nokia.

3/6/26 12:48PM

Fridays have tended to produce the highest positive returns for ethereum, but the second-largest cryptocurrency has declined on the day.

Ethereum’s average return on Fridays over the past three months has been 0.79%, the most among any day of the week, data from crypto analytics platform Velo.xyz shows. However, the price of the token has decreased 6% in the last 24 hours to under $1,980 this Friday.

More than 58% of ethereum’s supply is now unprofitable, according to blockchain data firm Glassnode, an unfortunate climb since ethereum’s all-time high of nearly $5,000 in August.

BitMine Immersion Technologies, the largest ethereum treasury firm and holder of 4,473,587 tokens, is now a highly unprofitable entity, with a paper loss of $7.9 billion.

Meanwhile, short seller Culper Research announced it has bet against ethereum, per a Thursday report. Culper cites ethereum founder Vitalik Buterin selling, blockspace getting filled in by negligible-value spam, and increased network activity stemming from address poisoning instead of institutional transactions.

Address poisoning is a scam where attackers send tiny “dust” transactions from wallet addresses that look similar to those a victim has used before. The aim is to trick the victim into later sending funds to the fake address instead of a real one.

“Our claim is that ETH, as a token, is broken, and will not capture any of that value,” Culper said. “In the dot-com era, companies such as Netscape and Nokia built out next-generation platforms that dominated for years on end, only to be usurped by companies like Google and Apple who built on those foundations and captured all of the value.”

“We view ETH similarly and think that in the end, ETH holders will be left with little of economic substance,” Culper continued.

Sage D. Young

6/5/26

Zcash nosedives after counterfeit vulnerability revealed

The privacy-focused cryptocurrency has dropped more than 40% in the last 24 hours, shedding $3.8 billion in market capitalization.

$62B

Yaël Bizouati-Kennedy6/5/26

Bitcoin digital asset treasuries (DATs) have taken a big hit amid bitcoin’s tumble, shedding $62 billion in value since the asset’s October 6 all-time high, Artemis data shows, with their fully diluted market cap dropping to $72 billion from $134 billion in early October.

Meanwhile, bitcoin, which has fallen below $62,000 on Friday morning, is down 50% from its all-time high. DAT pioneer Strategy’s market cap stood at $102.2 billion on October 6, according to Macro Trends, and is now down to $45.6 billion, a 55% decline. Strategy has been in hot water since it sold 32 bitcoin earlier this week, and because its digital credit instrument, STRC, has been trading below its par value. Shares of Strategy are down 17% in the past week.

Sage D. Young6/4/26

“Sentiment for crypto is firmly in the gutter” as sector sinks, with tokens hitting multiyear lows

On Thursday, altcoins swept lower as bitcoin weakened. The tokens with the biggest losses in the last 24 hours are NEAR, ethena, and Zcash, each declining double digits in the period.

Other tokens have dropped to lows not seen in over a year in the past 24 hours:

Ethereum dropped 4.4% to under $1,780, a level not seen since April 2025.
XRP declined 4.5% to an 18-month low last hit in November 2024.
Solana decreased 6% to trade below the $70 mark, its lowest price since December 2023.
Dogecoin slid below $0.09, a 27-month low last seen in February 2024.

“Sentiment for crypto is firmly in the gutter as fears surrounding BTC/STRC and its potential overflow compound and overshadow anything that can be read as positive news (e.g. CLARITY movements),” according to Sean Dawson, head of research at crypto options platform Derive.xyz.

“[Altcoins] are high beta plays to BTC and are typically sold heavily in a downturn. Simply put, I’d be even more bearish on alts,” Dawson told Sherwood News.

“Further, liquidity has been drained into this year’s ‘superhot’ narrative of AI/data centers. In other words, there are just better, more exciting opportunities elsewhere,” Dawson added.

One cryptocurrency that has bucked the downtrend has been worldcoin, the native token for World, the digital identity project backed by OpenAI CEO Sam Altman. While the broader crypto market has been pushing lower, WLD has jumped nearly 5% in the last 24 hours and 90% in the past seven days, data from CoinGecko shows.

Yaël Bizouati-Kennedy

6/4/26

Bitcoin nears February lows amid $1.4 billion exiting its ETFs

“This week has been painful in crypto. There is really no other way of putting it.”