About 77% of the total bitcoin supply is now in profit. Almost a third of the Bitcoin supply has entered into a state of profit with the rally in 2023 so far.

According to the latest weekly report from Glassnode, a total of 6.2 million BTC has come back into the green this year. The relevant indicator here is the “percent supply in profit,” which tells us what percentage of the Bitcoin supply is currently carrying some amount of unrealized profit.

The metric works by going through the on-chain history of each coin in the circulating supply and checking what price it was last moved at. If this previous price for any coin was less than the current BTC value, then that specific coin is carrying a profit right now, and the indicator adds it to its value.

Bitcoin percent supply had plunged to pretty low levels during the bear market last year as multiple crashes put a large number of investors underwater.

The indicator hit its lowest point following the crash due to the collapse of the cryptocurrency exchange FTX, as just 44.7% of the supply (about 8.6 million BTC) remained within profit.

With the start of the rally this year, however, the metric has naturally shown some strong recovery, and a total of about 77% of the Bitcoin supply (14.8 million BTC) is in profit now.

Compared to the start of the year, an additional 6.2 million BTC has come into a state of profit, representing around 32.3% of the total BTC supply. This heavy rise suggests that a large amount of the supply changed hands below the current price level.