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8M Bitcoin are underwater 🤿

8M Bitcoin are underwater 🤿

Over 8 million BTC are sitting at a loss—and seasoned traders are reassessing their portfolios, with analysts pointing to a shift from narrative to altcoin fundamentals.

Stephen Graves
June 10, 2026

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📝 What you need to know

The crypto market’s 2026 drawdown has battered crypto holders, with over 8 million BTC now sitting at a loss, according to Glassnode. Ethereum holders are feeling the pain too, with just 11% of ETH supply recording a profit of more than 3x, the lowest figure since February 2017.

That will inform investor choices, with unrealized losses coinciding with “lower sentiment and greater caution,” analysts told Decrypt.

But for old hands, the market lull is an opportunity for “reassessing conviction and portfolio positioning,” as select altcoins like Hyperliquid and privacy coins outperform. That heralds a shift from “narrative-driven tokens toward cash-flow-generating protocol,” according to experts, with the market becoming more discerning.

‘Intense Capitulation’ Hits Crypto as 8M BTC, Bulk of ETH Supply Sit at Loss

Millions of Bitcoin are underwater as experts say the 'scale of market reset' signals capitulation, but long-term opportunities remain.

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📰 In the News

Bitcoin, Ethereum Resume Rebound as Inflation Hits 3-Year High

Although consumer prices rose in May at their fastest annual pace since 2023, Bitcoin and other cryptocurrencies turned higher.

Crypto Tax Bills Face Pushback in House Committee Hearing

A House hearing exposed divisions over six crypto tax bills, with Democrats asking fellow lawmakers to step on the brakes.

Myriad Taps Chainlink to Power FIFA World Cup Prediction Markets

The integration builds on Myriad’s use of the Chainlink Runtime Environment to power its prediction market infrastructure.

With over 75 markets, the Myriad World Cup 2026 Contest enables users to make predictions on every single match. A prize pool of $100,000 is on offer for top traders and makers. The top three traders receive $20,000, $10,000 and $5,000 respectively.

📊 Myriad Insight of the Day

🕵🏻‍♀️ Editor’s Picks

7 Factors That Actually Matter When Choosing a Crypto Swap Platform

With crypto swaps growing in popularity, the best crypto swap platforms are embracing speed, security, and asset availability.

Brought to you by ChangeNOW

Anthropic Rolls Out Claude Mythos 5 AI Model—Along With the Safer Fable 5 for the Public

Anthropic has released a full version of its cybersecurity-centric Claude Mythos model—along with a safer version for the general public.

Kalshi Rolls Out New Safeguards After Insider Trading Concerns Hit Prediction Markets

Kalshi's new rules force traders to disclose their employers before trading high-risk markets flagged for insider trading or manipulation.

🥇 Be First to Market With Myriad

Join the Myriad Markets Telegram to see the latest prediction markets the second they drop!

With Myriad, the on-chain prediction market launched by Decrypt’s parent company DASTAN, you can break the news and stake the news, using USDC and points.

📚 Watch, Listen & Learn

📹️ WATCH: War News & Mythos Release Cause Crypto Drop, Markets Sell Off Ahead of CPI + 9gag CEO Interview

🎧 LISTEN: The Decrypt News roundup with TylerD - June 10th

Crypto is slipping as war headlines heat back up and Anthropic’s Mythos release lands with less impact than expected. Crypto tax reform just hit a wall in the House. And Morpho raised one of the biggest DeFi rounds we’ve seen in a long time.

🎓️ LEARN: Getting Started With Myriad

Prediction market Myriad enables you to make predictions on real-world events and markets. Here’s how to get set up and start using it.

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