Definition. This chart compares the Cointime Economics supply regions with the total supply held at an unrealized profit. It shows three traces: 🟣 Circulating Supply, being the total coin supply; 🟢 Vaulted Supply, reflecting a volume equivalent to the economically inactive supply; and 🟡 Total Supply in Profit, being the volume of coins with a realized price lower than the spot price.

Technical. The supply regions are constructed from Liveliness:

• Vaulted Supply = (1 - Liveliness) x Circulating Supply (🟢)
• Supply in Profit is taken directly from the corresponding metric (🟡)

Interpretation. Within a Cointime Economics framework, we make the claim that a traditional MVRV break-even value of 1.0 may in fact be masking the scale of unrealized loss held within the economically meaningful supply. We believe this assertion is sound and is visible when comparing Cointime supply regions with the total supply held in profit or loss. Convergence events between Total Supply in Profit and Vaulted Supply suggest a degree of saturation by price-insensitive holders who are unwilling to spend their coins despite the market drawdown — at such points, essentially the only coins still in profit are the dormant, high-conviction holdings. This aligns with the widely discussed formation of Bitcoin market floors by the highest-conviction holders.

Notes. This chart was developed within the Cointime Economics framework for Bitcoin, a joint venture between Glassnode and ARK Invest. Full details are available in two formats: an overview primer (Version I, published via ARK) and a comprehensive guide for specialists (Version II, published via Glassnode). Built from Liveliness and Supply in Profit. The mirror view against Active Supply is Cointime Supply in Loss; the supply regions themselves are charted in Active and Vaulted Supply.