Bitcoin Supply in Profit
Supply in Profit shows what percentage of circulating BTC is in profit at the current price: a coin counts as in profit when it last moved at a price below the current one. Where NUPL measures the DOLLAR size of aggregate unrealized profit and loss, this indicator counts HOW MANY coins are in profit - the two ask the same question from opposite sides, and read together they describe both the magnitude and the breadth of profit across the market.
This chart shows real data up to September 27, 2026. The live value is free on Cedvel - no subscription needed.
Source: supply_in_profit_share (bitview.space / Bitcoin Research Kit)
What is it?
The share (%) of total BTC supply that is currently in profit at the current price (i.e. whose last-move price is below the current market price).
How is it calculated?
Every circulating coin's last-move price is compared against the current price, and the sum of coins in profit is divided by total supply.
How to read it
A complementary indicator to NUPL that shows the 'how many coins are in profit' dimension - dropping below 50% (majority underwater) has historically overlapped with deep decline/capitulation periods, while 95%+ has overlapped with euphoria/cycle-top regions.
Things to watch out for
Unlike NUPL, this counts HOW MANY COINS are in profit, not HOW MUCH profit/loss there is (NUPL measures the total dollar amount) - the two complement each other but do not measure the same thing.
Historical usage
The 50% line is not an interpretive threshold but a boundary that follows from the definition: below it, the majority of supply is underwater, and in past cycles that has overlapped with deep drawdown and capitulation phases. At the other end, stretches where the ratio rose above 95% - leaving almost no coins at a loss - have overlapped with cycle-top regions. These are historical overlaps, not a guarantee that the same boundaries repeat in future cycles. The series reaches back to 2009.
Frequently Asked Questions
How is supply in profit calculated?
Every circulating coin's last-move price is compared against the current market price; coins whose last-move price sits below it count as in profit, and their total is divided by circulating supply. The result is expressed as a percentage.
How does it differ from NUPL?
NUPL expresses aggregate unrealized profit and loss in dollars as a share of market value; this indicator counts how many coins are in profit. A small number of coins can hold a very large profit, in which case NUPL runs high while supply in profit stays moderate. They complement each other rather than substitute for one another.
What does a reading below 50% mean?
It means the majority of supply is underwater. In past cycles that region has overlapped with deep drawdowns and capitulation, but it is not a bottom signal - the ratio can stay below 50% for a long stretch.
Why does the ratio never reach 100%?
Even at an all-time high, some supply that last moved very close to that peak remains at a loss. Coins that are permanently lost or have simply never moved also enter the calculation at their own last-move price.