Supply in Profit (%)
Share of total supply where cost basis is below current market price
| Property | Value |
|---|---|
| Category | Profitability Metrics |
| Unit | Dimensionless |
| Resolution | 1d |
| Assets | BTC |
| Tier | Basic |
| API Endpoint | GET /v1/holder/profit |
| Field | supply_in_profit_pct |
Overview
Supply in Profit (%) measures the percentage of total circulating Bitcoin supply that is currently held at an unrealized profit — meaning the price at the time each UTXO was created (cost basis) is lower than the current market price.
This metric provides a direct read on the aggregate profitability state of the Bitcoin network. When a high percentage of supply is in profit, more holders are incentivized to sell, creating potential resistance. When a low percentage is in profit, most holders are underwater and capitulation may be near.
Formula
Where cost basis for each UTXO is calculated as the USD value at creation divided by the token amount.
Interpretation
- Values above 90% indicate euphoria — nearly all holders are in profit, historically associated with market tops and increased sell pressure
- Values between 50-90% represent a healthy market with mixed sentiment
- Values below 50% suggest widespread unrealized losses, often seen during bear market bottoms and capitulation events
- Local minimums in this metric have historically aligned with generational buying opportunities
- Rapid drops from high levels signal momentum shifts and potential trend reversals
Use Cases
- Cycle top identification: Sustained readings above 95% have preceded every major market top
- Bottom fishing: Readings below 50% combined with declining volatility signal accumulation zones
- Risk management: Monitor the rate of change — a sharp decline from elevated levels suggests profit-taking is accelerating
- Confluence with NUPL: Compare with Net Unrealized Profit/Loss for a volume-weighted vs. supply-weighted perspective on market profitability
API Usage
curl -H "Authorization: Bearer YOUR_API_KEY" \
"https://api.blocklens.co/v1/holder/profit?start_date=2024-01-01&end_date=2024-12-31&limit=365"