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Bitcoin

Bitcoin Supply In Profit Hits 87%—Are Euphoria Levels Here Yet?

Keshav Verma
by Keshav Verma
5 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows the Bitcoin Supply in Profit has witnessed a sharp increase recently. Here’s whether the current level is considered high or not.

Bitcoin Supply In Profit Has Crossed The 87% Mark

According to the latest weekly report from Glassnode, the Bitcoin Supply in Profit has marked an improvement alongside the latest rally in the cryptocurrency’s price.

Related Reading: Bitcoin Still Trading 40% Under Its ‘Energy Value’: What It Means

The “Supply in Profit” here refers to an on-chain indicator that keeps track of the percentage of the total BTC supply that’s currently being held at some unrealized gain.

The metric works by going through the transaction history of each coin in circulation to see what price it was last moved at. If this last transaction value of any coin is lower than the current spot price for any coin, then that particular token is assumed to be carrying a gain and the Supply in Profit includes it in its value.

There is also an alternate indicator known as the Supply in Loss that deals with the coins of the opposite type (that is, those with a cost basis higher than the latest price). The two metrics must sum up to 100%, so if one is known, the other can simply be calculated by subtracting it from 100.

Bitcoin Supply in Profit

Looks like the value of the metric has been sharply going up in recent days | Source: Glassnode's The Week Onchain - Week 16, 2025

As displayed in the above graph, the Bitcoin Supply in Profit has seen a notable jump recently. The reason behind this rise in the indicator naturally lies in the fact that BTC’s price itself has gone up during this period.

Following the increase, the metric has reached a value of 87.3%. Interestingly, the last time that BTC was trading around $94,000, the indicator was only sitting at a value of 82.7%. This would imply that almost 5% of the supply that was purchased at the bull run highs has since changed hands at the recent lower price levels.

Generally, investors who are in profit are more likely to sell their coins. As such, in the past, BTC has tended to see overheating when the Supply in Profit reaches extreme levels.

While this profit-taking can lead to a top for the asset, it can actually be a positive sign when Supply in Profit is able to sustain at high levels. This is because it indicates there is strong enough demand in the market that BTC is able to hold up its price despite the selling.

Related Reading: Bitcoin Funding Rate Negative Despite Price Surge—What It Means

“Historically, a typical euphoria phase tends to follow this metric stabilizing above 90% for an extended period, signaling widespread profitability and elevated investor confidence,” notes Glassnode. So far, BTC hasn’t reached this phase yet.

BTC Price

Bitcoin broke above $95,000 earlier in the day, but it seems the asset has seen a minor pullback as it’s now back at $94,800.

Bitcoin Price Chart

The trend in the BTC price over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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