The cryptocurrency bear market that saw the price of most leading digital assets lose most of their value over the past year has seen 80% of Cardano ($ADA) investors feel the sting of losses, with blockchain data showing they’re out-of-the money, or sitting on unrealized losses.

According to data from blockchain analytics firm IntoTheBlock, while 80% of Cardano investors are in the red, 4% are at-the-money, or breaking even on their investments, while 16% are in-the-money, or sitting on unrealized gains.

This is a worrying trend for Cardano, which has been hailed by some as a potential Ethereum killer, but is struggling to find its feet in the highly competitive cryptocurrency market. The figures from IntoTheBlock show that 3.53 million Cardano addresses are currently suffering losses, while only 682,920 are in profit. Another 173,770 addresses are breaking even at the current ADA price of $0.33 per token, after the cryptocurrency ost 8% of its value over the past seven days.

Digging deeper into the data, it is clear that there are three large groups of unprofitable Cardano token buyers. The first group, with a total of 669,370 addresses, purchased ADA at prices between $1.71 and $2.97.

The second group of 560,940 addresses purchased ADA below $1.71 but starting at $1.29. Finally, the third group is most likely recent buyers who purchased tokens between $0.4 and $0.5 — 551,610 addresses. Collectively, these groups hold a staggering 8.17 billion ADA, which is currently worth over $2.7 billion.

Interestingly, the largest number of ADA purchases that is now at a loss, namely 8.71 billion, is on the addresses of those who bought the token at $0.36 to $0.4. In total, 25.7 billion ADA acquired are now at a loss, four times the amount acquired by profitable investors.

It’s important to add that IntoTheBlock’s data uses blockchain analysis and does not count on ADA that was purchased and left on centralized trading platforms, which could greatly alter the data that is known.

Cardano’s supporters point out that the project has a strong development team and a solid roadmap for the future, which could make it a strong contender in the cryptocurrency space over the long term.

The cryptocurrency community expects Cardano to experience an upward movement during the month of March, at a time in which the cryptocurrency’s adoption keeps on growing.

According to over 1000 users on CoinMarketCap’s cryptocurrency price estimates, on average, respondents predicted that ADA would end the month of March trading at $0.3971 per token, up from around $0.3377 the cryptocurrency is currently trading for, or over 17% more.

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