Definition. The percentage of circulating supply in profit, meaning the share of existing coins whose price at the time they last moved was lower than the current price.

Interpretation. A reading of 50% marks the crossing between profit-dominated and loss-dominated supply.

Notes. For more information, see Dissecting Bitcoin's Unrealised On-Chain Profit/Loss.

This is the Point-in-Time (PiT) variant of Percent Supply in Profit. PiT metrics are strictly append-only and their history is immutable. The historic data does not necessarily reflect the best current knowledge, but the information at the time when a data point was first computed. PiT metrics are ideal candidates for applications in model backtesting and related quantitative purposes. Read our article on PiT metrics for more information.