Percent Supply in Profit estimates the share of circulating Bitcoin whose current market price is above the price at which each coin’s UTXO was created. It is one of the clearest ways to see how broadly unrealised profit is distributed across supply.

The classification is binary. A coin only just above its reference price counts as in profit in the same way as a coin far above it; the size of the gain does not change the amount of supply counted.

How Percent Supply in Profit is calculated

Formula. 100 × Supply in Profit ÷ Total Circulating Supply.

For every current UTXO, the model compares spot price with the market price when that output was created. The BTC amount in outputs below spot is added together, divided by circulating supply and expressed as a percentage.

Why the percentage moves

The reading can change even when no coins move. If price rises through a dense band of previous creation prices, a large amount of supply can move into profit at once. A decline through the same band can push it back into loss.

Spending also changes the distribution because old outputs are removed and new outputs are created at the current price. The metric therefore reflects both market-price movement and changes to the UTXO set.

What the percentage does not tell you

It is not the percentage of people, wallets or addresses in profit. One custodian can control many addresses, one person can control many UTXOs and one UTXO can contain a very different BTC amount from another.

It also does not measure the size of the network’s unrealised gain. NUPL and Unrealised Profit incorporate value differences; Percent Supply in Profit asks only how much supply sits on the profitable side of its reference price.

How to read it

Historically high. Most supply is above its last-moved-price proxy; profitable conditions can persist, so this is not a precise top signal.

Rising quickly. Price is reclaiming cost-basis bands, new outputs are being created below the current market or both.

Near the middle of its range. Profit and loss are more widely divided across supply.

Falling quickly. Price is moving below cost-basis clusters or recently repriced supply is becoming underwater.

Historically low. A large share of supply sits in unrealised loss under the model; rare does not mean immediately reversible.

Percent Supply in Profit updates daily inside the Profit & Loss dashboard, beside Supply in Loss, NUPL and Realised Price.

Common questions

Does 80% mean that 80% of Bitcoin investors are in profit?

No. It means 80% of the measured BTC supply is above its UTXO creation-price proxy. It says nothing directly about the number of owners.

How is it different from NUPL?

Percent Supply in Profit counts profitable BTC without regard to margin. NUPL nets the dollar size of unrealised gains and losses and scales the result by Market Cap.

Can the percentage change without on-chain spending?

Yes. A change in spot price can reclassify existing supply immediately, even if the underlying UTXOs remain untouched.

Do supply in profit and supply in loss always add to exactly 100%?

They usually account for almost all measured supply, but exact breakeven treatment, unavailable price history and provider adjustments can create small differences.

Are fixed high and low thresholds permanent?

No. Historical zones can be useful context, but Bitcoin’s ownership, liquidity and market structure change. Use ranges as observations, not immutable trading rules.