25 Billion KAS Classified as “In Loss” in On-Chain Estimate
KasLens reported that 25.057 billion KAS was “in loss” on November 15, 2026. That’s about 90.1% of the 27.81 billion KAS circulating supply cited alongside the data. The figure points to widespread price declines, but it is an estimate based on on-chain movements, not a count of holders’ actual losses.
- 25.057 billion KAS was counted as in loss; 2.703 billion was counted as in profit.
- The reported market snapshot put KAS near $0.0268, roughly 87% below its $0.2074 all-time high.
- “In loss” compares the current price with the price when coins last moved; it does not mean they were sold.
- The data does not establish a market bottom or show what holders will do next.
What “KAS in loss” measures
KasLens classifies coins by the price associated with their last on-chain movement. If the current market price is below that reference price, the coins count as being in loss. The method estimates unrealized gains and losses. It does not show whether anyone has actually sold.
That distinction matters. A coin’s last movement does not necessarily mark its owner’s purchase. It may have moved between wallets owned by the same person, through an exchange, or as change in a transaction. So the last-moved price is a rough proxy, not a reliable record of an individual investor’s cost basis.
Based on KasLens’ reported figures, 25.057 billion KAS in loss equals about 90.1% of a 27.81 billion circulating supply. The 2.703 billion KAS counted as in profit equals about 9.7%. Together, the two categories total 27.760 billion KAS, about 50 million less than the stated circulating supply. The figures provided do not explain the difference.
The classification can change as the market price moves. KasLens’ reported amount of KAS in profit briefly topped 12 billion in September during a price recovery. That shift shows the classification can change without proving that holders bought, sold, or changed their plans.
A steep decline is not a market signal by itself
The accompanying market figures put KAS at around $0.0268, down roughly 25% over the previous month and about 87% from its $0.2074 all-time high. Kaspa’s market capitalization was reported at approximately $746 million to $747 million. Those figures show a severe drawdown, but a large decline alone does not prove an asset is undervalued or near a bottom.
A high supply-in-loss reading can point to more than one scenario. Some holders may sell after enduring losses, which could signal capitulation. If the price stabilizes, the reading might instead reflect easing selling pressure. If the price keeps falling, the same figure could simply get worse. The metric cannot distinguish between these scenarios on its own.
KAS could also face selling pressure if it recovers toward prices at which some coins last moved. Traders call this overhead supply: holders may decide to sell as the market approaches those reference levels. But the data does not identify individual holders, reveal their intentions, or predict how many will sell.
Supply and development are separate questions
Kaspa’s maximum supply is reported at 28.704 billion KAS, with about 27.81 billion circulating and approximately 893 million left to be mined. Roughly 96.9% of the maximum supply already exists. A capped supply can affect scarcity, but it does not create demand or guarantee price appreciation.
Reported development activity includes a decentralized limit-order-book prototype on Kaspa testnet, experiments involving KCC-20 and KRON tokens, work toward a permissionless prediction market targeted for late 2026, and a separate proposal for a KAS-backed decentralized stablecoin. The trading prototype is described as unaudited. The prediction market and stablecoin remain early-stage efforts.
A testnet prototype runs in a testing environment. It is not proof that an application is ready to handle valuable assets or has attracted meaningful users. The claims about order and key control also cannot establish how the prototype is secured or who can intervene without further technical details. These projects show development ambitions, not established adoption.
Key questions and answers
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Does 25.057 billion KAS in loss mean those coins were sold at a loss?
No. The estimate compares current prices with last-moved prices. It does not record realized sales or prove an owner’s purchase price.
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Does the figure show that KAS has bottomed?
No. Price stabilization could be constructive, while further declines could mean the downtrend is continuing. The metric cannot answer that question.
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Could underwater supply create selling pressure during a recovery?
Possibly. Some holders may sell as prices rise, but the data cannot show how many will do so or when.
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Are the reported Kaspa applications established products?
Not based on the available information. The trading system is an unaudited testnet prototype, while the prediction market and stablecoin are early-stage efforts.
The 25-billion-KAS figure captures substantial market stress, but it says less than the headline number might suggest. It is a price-based estimate, not a census of investor losses, a measure of conviction, or a forecast. Whether Kaspa’s development plans lead to secure, useful applications is a separate question.
