Supply in Profit / Loss is a composite view built from Supply in Profit and Supply in Loss. The underlying series are measured in BTC, then expressed as percentages of total circulating supply, showing how that supply is split between profitable and underwater coins.
Each coin’s realized cost basis is the spot price at which it last moved on-chain. A high Supply in Profit share means most coins are currently valued above that cost basis. A rising Supply in Loss share means spot price has moved below more cost-basis clusters, leaving a larger part of supply underwater. BTC Price is shown as market context, not as an additional on-chain component.
The chart is a supply-state view, not a realized-flow metric. It does not show how large each coin’s gain or loss is, and it does not mean profit or loss has been locked in. Realized Profit, Realized Loss, SOPR, and NUPL provide the closest context.
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