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# Bitcoin Supply in Profit: Bear Market Lows and 100% Days
- URL: https://axeladlerjr.com/bitcoin-supply-in-profit-definition-thresholds-market-signals/
- Published: 2026-01-30T17:46:10.000Z
- Updated: 2026-11-03T20:30:07.000Z
- Description: How low supply in profit fell in each bear market, why it hits 100% at new highs and how often less than half of all coins were in profit.
- Author: Axel Adler Jr.
- Tags: Holder behavior, #Import 2026-11-01 20:37

*By Axel Adler Jr., Bitcoin on-chain analyst · Data from Jan 2012 to Nov 2, 2026*

**In short**

- Supply in profit is the share of all bitcoin last moved at a price below today's. On Nov 2, 2026 it was 59.6%.
- Less than half of the supply was in profit on 7% of days from 2012 to Nov 2, 2026\. In 2026 this happened on 19 days.
- At every new all-time high nearly 100% of coins are in profit, because no one has paid more.

## How low did supply in profit fall in each bear market?

| Low          | Supply in profit |
| ------------ | ---------------- |
| Jan 14, 2015 | 35.8%            |
| Dec 14, 2018 | 39.7%            |
| Mar 16, 2020 | 44.4%            |
| Nov 21, 2022 | 44.8%            |
| Jun 30, 2026 | 45.9%            |

The June 2026 low was close to the 2020 and 2022 lows. The lowest reading in the data is 35.8% on Jan 14, 2015.

## Why does supply in profit reach 100%?

At a new all-time high every coin was bought or last moved at a lower price, so all of them are in profit. Readings at or near 100% came in 2013, 2017, 2020, 2021, 2024 and 2025: on Nov 11, 2024 and May 21, 2025, for example. The last reading above 95% was on Oct 9, 2025.

## How often is less than half the supply in profit?

On 405 days from 2012 to Nov 2, 2026, or 7% of the time. The years with most such days were 2015 (188 days), 2019 (45), 2022 (44) and 2018 (39). In 2026 it happened on 19 days, the last on Aug 16, 2026\. Below 50%, most holders are at a loss, which has only lasted long in deep bear markets.

## Where has supply in profit been in 2025 and 2026?

In the 365 days to Nov 2, 2026 it ranged from 45.9% on Jun 30, 2026 to 78.2% on Oct 4, 2026\. The rebound from June to October brought about a third of all coins back into profit; by Nov 2 the share had eased to 59.6%.

## FAQ

### What share of bitcoin was in profit on Nov 2, 2026?

59.6%, about 12.0 million of 20.1 million BTC.

### When was less than half of bitcoin last in profit?

On Aug 16, 2026.

### Where can I see supply in profit live?

On the [live Bitcoin Supply in Profit chart](https://axeladlerjr.com/charts/bitcoin-supply-in-profit/), updated daily.

**Related:** [NUPL guide](https://axeladlerjr.com/bitcoin-nupl-net-unrealized-profit-loss-explained/) · [Supply in loss chart](https://axeladlerjr.com/charts/bitcoin-supply-in-loss/) · [Holder behavior charts](https://axeladlerjr.com/charts/holder-behavior/)