Definition. The percentage of entities in the network currently in profit, i.e. entities whose funds were on average acquired at prices below the current price.

Technical. Buy price is defined as the price at the time coins were transferred into addresses controlled by the entity. Entities are clusters of addresses estimated to be controlled by the same actor, identified through advanced heuristics and Glassnode's proprietary clustering algorithms. Entity-based metrics rely on statistical and data-science methods that are refined over time. The series is therefore mutable: its established history is stable, but recent data points may revise as clustering improves. For methodology, see our article on account-based metrics.

Notes. For more information, see our article on how many entities hold Bitcoin.