On-chain data source: BGeometrics.com · chart & styling by DurdenBTC.
What This Chart Shows
Percent Supply in Profit is one of the cleanest cycle gauges in on-chain analysis. It answers a simple question: of all the Bitcoin in circulation, what share last moved at a price below where it trades today? Those coins are "in profit." We compute it as supply in profit divided by total supply, so it always reads between 0% and 100%.
- Price sits in the top panel for context.
- The gauge is the bottom panel. It rises through a bull market as old coins move into profit, and falls in a bear market as recent buyers go underwater.
- Euphoria — above the upper line (~95%), almost the entire market is in profit. This has historically clustered around cycle tops, when there is little supply left underwater to convert to new buyers.
- Capitulation — below the lower line (~50%), half or more of the supply is underwater. This has historically clustered around cycle bottoms.
How to Read It
Treat it as a sentiment thermometer for the whole network. When the gauge is pinned near 100%, everyone is in profit and the marginal seller is a long-term holder taking gains — late-cycle behavior. When it grinds below 50%, the pain is widespread and forced selling tends to exhaust itself — the conditions that have preceded major bottoms. It is a slow, cycle-scale read, not an intraday signal: the supply only re-prices when coins actually transact.
Drag to pan and scroll to zoom; the toolbar in the top-right autoscales to the full history, resets the view, or downloads the chart. Hover anywhere to read the price and the gauge for that date together.
Frequently Asked Questions
What is Percent Supply in Profit?
The share of all circulating Bitcoin that last moved on-chain at a price below today's price, expressed as a percentage of total supply. It approaches 100% near tops and falls toward 50% or lower near bottoms.
How is it used to spot tops and bottoms?
Above roughly 95%, nearly the whole market is in profit, which has coincided with euphoria and cycle tops. Below roughly 50%, half or more of the supply is underwater, a capitulation condition that has clustered around cycle bottoms.
Where does the data come from?
Supply in profit and supply in loss are sourced from BGeometrics.com; the percentage and price line are built from those plus our daily feed. The chart updates daily.