Definition. This chart presents the %ASSET% volume of supply in Profit 🔵 and Loss 🔴, compared to the circulating supply (orange), with price shown in grey for reference.

Technical. Classification of supply profitability is based on the pricestamping of on-chain holdings: each coin is assigned the price at the time it was last transferred on-chain, which is assumed to be the acquisition price of the coin. A coin whose pricestamp is below the current spot price is counted as supply in profit, and vice-versa for supply in loss. The two series are complementary — every coin is in one category or the other, so together they sum to the circulating supply.

Interpretation. Supply in Profit and Supply in Loss are inversely correlated, as each coin must be in one or the other category. These supply regions will change as spot prices move above or below the cost basis of the on-chain addresses, making the balance between them a gauge of aggregate investor profitability across the market cycle. Large changes in Supply in Profit/Loss associated with relatively small price increases indicate a large cluster of coins were transacted around that price region. This is typical after lengthy market consolidation periods where a significant volume of coins change hands.

Notes. Built from Supply in Profit, Supply in Loss and Circulating Supply. The unrealized value of these positions is charted in Unrealized Profit/Loss (Relative), and a count-based (per-UTXO) view is available in UTXOs in Profit/Loss.