Percent Supply in Profit
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Percent Supply in Profit is the share of Bitcoin's circulating supply currently held at a profit. Each coin is valued at the price when it last moved on-chain, and coins whose cost is below today's price count as in profit.
How to read it
At a new all-time high nearly every coin is in profit, so the reading approaches 100%; long stretches above 90% mean paper gains, and the urge to take them, keep building. Historically, drops below 50%, where more than half of supply sits at a loss, have clustered around bear market lows. The median over the full history is about 73%.
When price sits inside a band where many coins were acquired, even small moves swing the reading sharply; the Entity-Adjusted URPD shows where those bands are. Lost coins and exchange holdings are included at their last-move price, and the metric describes paper profit and loss, not what holders will actually do.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- Supply
- Type
- Single value
- Data since
- 2009-01-03
- Latest data
- 2026-10-27
- Data points
- 6,507
FAQ
What does supply in profit near 100% mean?
Almost every circulating coin has a cost below the current price, which typically happens only at new all-time highs. Almost no holders are underwater waiting to break even, but paper profits are large and the pressure to take them rises.
What does it mean when the share falls below 50%?
More than half of the supply is held at a loss and the market is under broad stress. Historically such readings have appeared in the later stages of bear markets and serve as one reference for cycle-low zones, though how long they lasted and how deep they went has varied from cycle to cycle.
How does it differ from NUPL?
Percent Supply in Profit only counts how many coins are in profit, not by how much. Net Unrealized Profit/Loss (NUPL) measures total unrealized profit minus unrealized loss relative to market cap, so it captures the size of the gains. Together they show whether profit is broad but thin or concentrated in fewer coins.
