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.

Analyst

James Van Straten

Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

@jvs_btc LinkedIn Email James

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