What it shows
Supply in profit is the share of all BTC in circulation that is in profit at the current price. A coin counts as in profit when the price of its last on-chain move was lower than today’s price. The result is a percentage from 0 to 100. A value of 100 means every coin is in profit. A value of 50 means half of the supply is in profit and half is not. The page plots this share over time with the BTC price on the same view. It also shows a label for the range of the latest value.
- Percent in profit line
- Range label
- BTC price overlay
How to read it
Read the latest percentage. The app splits the value at 50%, 75% and 90%. A value above 90% means almost the whole supply is in profit. A value below 50% means most coins are at a loss. In past cycles, readings above 90% appeared near price highs, and readings below 50% appeared near price lows. A high share describes the present, not the next move. Compare the line with the BTC price. Note that the line can stay in one range for a long time.
- Read the latest percentage and note its range.
- Find earlier periods with the same reading.
- Compare the line with the BTC price on the same chart.
What to keep in mind
The share uses the price of each coin’s last on-chain move, not the real purchase price. A coin bought on an exchange may not have moved on-chain. Lost coins stay in the count. For some earlier dates, the app may estimate the value from price percentiles and not from measured on-chain data. The app fixes the 50%, 75% and 90% cut-offs. Use the metric as context.
A missing value is not zero. Check the source and time under each data block before you compare numbers.
Questions
What does supply in profit mean?
It is the percentage of BTC supply that is in profit at the current price. A coin is in profit when the price of its last on-chain move was below today’s price. The metric describes the whole supply, not single holders.
How is supply in profit calculated?
For each coin, compare the price of its last on-chain move with the current price. Add up the coins whose last-move price was lower. Divide that sum by the total supply and multiply by 100. The page shows this percentage per day.
What does 100% supply in profit mean?
It would mean that every coin last moved at a price below the current price. In practice the value stays below 100. The app marks readings of 90% and above as its highest range. A high share only describes the present state.