Supply in Profit
The percentage of all coins whose last-moved price is below the current price — a broad profit-and-loss thermometer.
Supply in profit is the share of the circulating supply currently worth more than it was when last moved on-chain — i.e., held at an unrealized gain. Near market tops it approaches 100% (almost everyone’s in profit); near capitulation bottoms it collapses as most coins fall underwater.
The metric is a blunt but useful sentiment and risk gauge: extreme high readings mean maximum temptation to sell and thinning support, while extreme lows mean sellers are exhausted and mostly holding at a loss — conditions that have historically bracketed cycle extremes. It’s the supply-share companion to value-weighted metrics like NUPL, both built on realized-price data.