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.