#BTCRebound

Another metric highlighted by Glassnode is the percentage of the circulating supply of BTC that is in a profitable position.

“This metric simply considers the state of a coin from a binary perspective, either 'in losses' or 'in profits', based on its original base price. This differs from the MVRV ratio, which considers the magnitude in USD of unrealized gains or losses (i.e., the distance between the spot price and the base price),” says the report.

$BTC

Currently, 88% of the coins are in profits, a high level that reflects the strength of the recent rally. The only investors with losses are those who bought between December 2024 and February 2025, when the price ranged between $95,000 and $100,000.

Chart of the percentage of the circulating supply of bitcoin

The percentage of the circulating supply of BTC is in positive territory. Source: Glassnode.

This rebound in the supply in profits, along with the behavior of the MVRV, suggests that investor expectations are being recalibrated after the correction.

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