Solana and XRP are showing significantly higher unrealized losses than Bitcoin and Ethereum. On-chain data from Glassnode reveals that a large portion of SOL and XRP holders remain 65% to 75% in unrealized loss, signaling weaker altcoin positioning and slower recovery.
SOL and XRP Holders in Deep Loss
According to the Market Relative Unrealized Loss chart, SOL's loss sits at approximately 0.8, while XRP hovers around 0.3. Bitcoin and Ethereum are close to 0.1 or lower. SOL shows higher spikes during major downturns like late 2022 and again in 2026, indicating panic phases where a large share of holders entered at higher prices. XRP spiked to around 0.6 during the same period. BTC and ETH never crossed above 0.5 at their worst.
In the current 2026 cycle, Bitcoin fell from around $126K to $74K. During this drop, Solana and XRP fell more than Bitcoin and other major coins, showing stronger relative losses.
Weak Demand and Bearish Signals
On-chain and derivatives data point to weakening demand and bearish setup. Solana faces pressure as institutional and retail interest fade. Solana ETFs have seen three straight weeks of outflows, while this week's inflows remain weak. Open Interest dropped 4.57% to $4.98 billion; funding rates turned negative at -0.0046%, showing shift toward short positions. The long-to-short ratio of 0.9798 confirms a slightly bearish bias. SOL now trades around $83.44, down nearly 72% from its peak of $294.96.
XRP shows a similar but less severe trend. ETF inflows slowed, signaling weaker institutional demand. Open Interest down 2.87% to $2.48 billion; funding rates at -0.0006% suggest mild short positioning. XRP currently near $1.35, down about 65% from its all-time high of $3.82.
Why Bitcoin and ETH Recover Faster
Bitcoin performs better because money first moves into it when the market starts to recover. Investors choose Bitcoin first since it is the safest and most trusted crypto. That's why Bitcoin stayed steady around $74K. Ethereum is in the middle, not as strong as Bitcoin but better than most altcoins. Solana and XRP remain under pressure with bigger losses.