In this video, we explore one of the most aesthetically pleasing and insightful charts in all of Bitcoin analytics: the Percentage of Supply in Profit and Loss.
Spanning over a decade of Bitcoin’s history, this chart reveals clear cyclical patterns driven by market psychology, showing when the majority of holders are in profit or loss, and how that correlates with major price tops and bottoms. Video by Benjamin Cowen.
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Bitcoin's Percentage of Supply in Profit/Loss is a key on-chain metric showing how much of the circulating Bitcoin is held above (profit) or below (loss) the price it last moved at, indicating market sentiment; high profit percentages suggest potential selling (tops), while high loss percentages signal market bottoms and reduced selling pressure, with convergence often marking cycle lows. This metric uses Unspent Transaction Output (UTXO) data, revealing if most holders are underwater or in the green, helping analysts spot bullish rallies or capitulation phases.
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Current Supply Metrics (January 2026)
--Total Supply in Profit: Approximately 74.3% to 85% of the circulating Bitcoin supply is currently in profit.
--Total Supply in Loss: Roughly 15% to 25.7% of the supply is underwater.
--Short-Term Holders (STH): STH supply in loss has declined to 1.9 million BTC, while STH supply in profit has rebounded to 850,000 BTC following a rally to ~$94,000 early in the month.
--Long-Term Holders (LTH): LTH supply remains steady at approximately 14.9 million BTC (76% of total supply), indicating high conviction despite recent volatility.
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