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Glassnode
Chart description

This chart presents the %ASSET% volume of supply in Profit 🔵 and Loss 🔴, compared to the circulating supply. Classification of Supply profitability is a feature based on the Pricestamping of on-chain holdings. This is the process of assigning a price at the time coins were last transferred, which is assumed to be the acquisition price of the coin.

It can be seen that 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.

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.