On-chain analytics firm Glassnode reports that 73.6% of the circulating Bitcoin supply is currently held at a profit, a reading that also captures gains among spot Bitcoin ETF holders who ent
On-chain analytics firm Glassnode reports that 73.6% of the circulating Bitcoin supply is currently held at a profit, a reading that also captures gains among spot Bitcoin ETF holders who entered the market at prices below the current level.
The "supply in profit" metric counts every unspent transaction output (UTXO) whose last movement occurred at a price lower than the current spot price. When that share reaches 73.6%, the majority of the network's economic weight sits in unrealized gain territory, a signal that aggregate holder positioning is constructive. Glassnode tracks this metric as a real-time snapshot of cost-basis distribution across the entire circulating supply. For related coverage, see Bitcoin Long-Term Holders Sold 539,000 BTC: CryptoQuant.
An earlier Glassnode reading showed Bitcoin supply in profit at 69.3%, making the move to 73.6% a meaningful expansion of the profitable cohort. The figure does not guarantee continued price appreciation; it describes where cost bases sit relative to spot, not where price is heading. See also: Glassnode: Bitcoin Falls Below True Market Mean at $76.7K.
Supply-in-profit readings above 70% correspond with periods when long-term holders carry most of the network's unrealized gains. Long-term holders control roughly 80% of Bitcoin wealth, meaning the overall profitability reading is heavily weighted toward coins that have not moved in more than a year.
Spot Bitcoin ETF products give institutional and retail participants exposure to Bitcoin's price without direct UTXO ownership. Those investors entered at NAV-equivalent prices on specific trading days; if the current spot price exceeds their average entry cost, they sit in unrealized profit just as any on-chain holder would. Bitcoin's price can be tracked in real time via CoinGecko's Bitcoin market data page.
Glassnode's 73.6% figure covers the full supply, including coins attributable to custodians holding ETF reserves. The headline indicates ETF holders are seeing large gains, but the published data does not specify a return percentage or a timeframe for those gains. The claim is consistent with the broader profitability reading rather than a separately derived ETF-only calculation.
Glassnode previously characterised Bitcoin's rally as still early and speculative, a framing that sits alongside, rather than contradicts, a majority-profitable supply. A high percentage in profit reflects accumulated cost-basis distribution; it does not confirm that a rally is mature or exhausted.
KEY POINTS
For broader context on holder behaviour, CryptoQuant data showed long-term holders sold 539,000 BTC during an earlier distribution phase, a reminder that high supply-in-profit readings can precede periods of profit-taking as well as continued accumulation. Bitcoin's difficulty adjustment and consistent block production remain the structural backdrop against which all holder-profitability metrics should be read.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
Bitcoininfonews first published the article titled Glassnode: 73.6% of Bitcoin Supply Is in Profit as ETF Holders Gain.
