Bitcoin supply in profit and loss has diverged, potentially marking a bottom in cycle

Definition

• The circulating supply in profit, i.e., the amount of coins, the price of which at the time they last moved, was lower than the current price.
• The circulating supply in loss, i.e., the amount of coins, the price of which at the time they last moved, was higher than the current price.

Quick Take

• Each time Supply in profit/Loss has converged marked a Bitcoin bottom in each cycle, highlighted by the green box. 
• Bitcoin bottoms in the cycle can be seen in 2011, 2015, 2019, 2020, and 2022, marked by the pink arrow.
• Roughly 12.5m Bitcoin is sitting in profit, the most since March '22, just before the collapse of Luna.