Fidelity Q3 Report: BTC, ETH, SOL Net Unrealized Profits at Historic Lows

ChainCatcher report: According to Fidelity Digital Assets’ Q3 2026 Signals Report, the prices and market sentiment indicators for BTC, ETH, and SOL are generally at historical lows, with multiple metrics approaching surrender territory. Fidelity suggests that current valuation levels may represent attractive long-term entry conditions. As of the end of Q2, the weighted Net Unrealized Profit/Loss (NUPL) stood at -0.01. BTC was the only asset with positive unrealized gains, approximately 10% above its cost basis, representing about $108 billion in unrealized profit. ETH and SOL, by contrast, were trading 30% and 41% below their cost bases, with unrealized losses of approximately $87 billion and $29 billion, respectively. BTC’s market share rose sequentially to 68%. The report notes that historical backtesting shows the median one-year returns corresponding to the current NUPL levels for these assets are 53%, 70%, and 542%, respectively. However, the statistical reliability decreases in that order: SOL’s current NUPL reading has occurred only 21 times historically, all concentrated around late 2025, limiting its statistical significance. On the fundamentals front, stablecoin transfer values on both ETH and SOL have reached all-time highs, exceeding $20 trillion and $2.6 trillion over the past 12 months, respectively. However, network fee income has continued to decline. Additionally, the report attributes the 22% decline in BTC’s hash rate from its peak to miners reallocating computational power toward AI and high-performance computing, as lower coin prices make AI contract revenues more stable than mining rewards.