Definition. Reads the share of circulating supply held in profit against its own long-run distribution, and renders the result as a four-state risk band beneath price.

Technical. Percent Supply in Profit is compared to its four-year moving average and the ±1 standard deviation channel around it. Very High Risk is printed above the +1σ band, High Risk between the mean and +1σ, Low Risk between −1σ and the mean, and Very Low Risk below −1σ.

Interpretation. Near-universal profitability is a precondition for heavy distribution: when almost every coin is in profit there is no cohort left to convert into new demand, and the incentive to sell is at its strongest. Readings below the lower band mark widespread unrealized loss, the condition associated with capitulation rather than euphoria.