On-chain data shows that the profitable Bitcoin supply has witnessed a sharp increase recently. This is whether the current level is considered high.
Bitcoin supply in profits has exceeded 87%
According to GlassNode’s latest weekly report, the profitable Bitcoin supply marks an improvement in the latest rally of cryptocurrency prices.
“Profit supply” here refers to an on-chain indicator that tracks the percentage of BTC supply currently held with certain unrealized returns.
The indicator is by browsing the transaction history of each coin to see the price of the last transferred. If the last transaction value of any coin is lower than the current spot price of any coin, then the specific token is assumed to have profits and the supply of the profit supply includes its value.
There is also an alternative indicator called the supply of loss, involving the opposite type of coins (i.e. coins whose cost base is higher than the latest price). These two metrics must total up to 100%, so if one metric is known, you can simply subtract another metric from 100.
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 shown in the above chart, the Bitcoin supply in profits has recently seen a significant jump. The reason for the rise in indicators is naturally that during this period, the price of BTC itself has risen.
After the increase, the measure reached 87.3%. Interestingly, the last time BTC traded about $94,000, the indicator was worth only 82.7%. This means that almost 5% of the supply of Bull Running Highs since then changed hands at the recent lower price levels.
Often, profitable investors are more likely to sell their coins. Therefore, in the past, BTC tended to see overheating when profit supply reaches extreme levels.
While this profit making may lead to the highest level of assets, it can actually be a positive signal when profits can maintain supply at a high level. This is because it shows that there is strong enough demand in the market that BTC can still rise despite sales.
“Historically, the typical euphoria phase tends to follow this metric to stabilize above 90% over a prolonged period, which expresses wide profitability and increased investor confidence,” GlassNode noted. So far, BTC has not reached this stage.
BTC price
Earlier in the day, Bitcoin broke above $95,000, but it seemed that the asset’s pullback seemed smaller, as it is now back to $94,800.
The trend in the BTC price over the last five days | Source: BTCUSDT on TradingView
Dall-E, Featured Images of GlassNode.com, Charts of TradingView.com
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