The Bitcoin supply in profit metric could hint that the current bear market hasn’t been painful enough yet for the cyclical bottom to be formed.
Bitcoin Supply In Profit Has Plummeted To 45% Following Crash
As pointed out by an analyst in a CryptoQuant post, all the historical bottoms took place when the profit in supply dipped below 40%.
The “supply in profit” is an indicator that measures the percentage of the total Bitcoin circulating supply that’s currently in some profit.
This metric works by going through the on-chain history of each coin to see what price it was last moved at. If this previous price for any coin was less than the value of BTC right now, then that particular coin is carrying some profit at the moment.
The indicator takes the total of such coins and then gives the percentage based on the total number of coins in circulating supply. The opposite metric is the “supply in loss” and it’s simply calculated by subtracting the supply in profit from 100.
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