Supply in Profit/Loss
What Is Supply in Profit/Loss?
The percentage of Bitcoin's circulating supply currently held at a profit vs. at a loss. Determined by the acquisition price of each UTXO relative to current price.
How to Interpret
When > 95% of supply is in profit, it historically marks cycle top zones. When > 50% is in loss, it marks deep bear market capitulation and accumulation zones.
More Profit & Loss Metrics
Seller Exhaustion
A composite metric identifying when selling pressure has been exhausted, often signaling market bottoms. Based on supply profitability, realised loss trends, and volatility compression.
Net Realised Profit/Loss
The net difference between realised profit and realised loss on a given day. Shows whether more value is being realised as profit or loss across the network.
Realised Cap
The sum of all UTXOs valued at the price they were last transacted. Unlike market cap which values all coins at current price, Realised Cap weights each coin by its last on-chain moved price.
Sell-Side Risk Ratio
Measures the total amount of realised profit and loss relative to the Realised Cap. Indicates the significance of profit/loss-taking activity relative to the market's total value.