Share of bitcoin with cost basis below today's price
Share of unspent outputs in profit
The band shows where today's reading sits between a typical bear market bottom and a bull market top; the vertical ticks are the real extremes since the first halving.
Supply in profit is the share of all bitcoin whose cost basis sits below today's price. It is the most direct answer to “how much of the market is up” — and unlike NUPL, which measures the size of that profit in money, this one counts coins.
UTXOs in profit counts unspent outputs rather than coins, so it is closer to “how many purchases” than “how much money”. It diverges from supply where large holders sit on few big UTXOs and small ones on many tiny outputs.
The band anchors come from the last four cycles: at the bottoms supply in profit sat between 39% and 45% (2015 · 2018 · COVID 2020 · 2022), at the tops between 96.6% and 99.6%. The score next to the value is the position in that band — the same rule as on the Cycle page.