On-chain analytics firm Glassnode reports that 73.6% of the circulating Bitcoin supply is currently held at a profit, up from 69.3% in an earlier reading. The supply in profit metric counts every unspent transaction output whose last movement occurred at a price below the current spot price, meaning most of the network’s economic weight now sits in unrealized gain territory.
The shift marks a notable change in market dynamics. Large Bitcoin entities are returning to profit after a challenging period, while smaller wallets maintained profitability throughout recent fluctuations, with cost bases around the $48K level during the June low. This contrast suggests smaller investors navigated volatility more effectively, and large holders are beginning to regain confidence.
Spot Bitcoin ETF holders are also seeing gains, as those who entered at net asset value prices below current spot levels now sit in profit. Glassnode’s 73.6% figure includes coins attributable to custodians holding ETF reserves, though no specific return percentage or entry-date cohort was provided for ETF participants.
Long-term holders control roughly 80% of Bitcoin wealth, so the profitability reading is heavily weighted toward coins that have not moved in more than a year. While supply-in-profit readings above 70% often correspond with constructive holder positioning, Glassnode notes this does not guarantee continued price appreciation. Sustained profitability among large entities could increase buying pressure, but high readings can also precede profit-taking.
