The percentage of Bitcoin's circulating supply in profit remains high at 88%, with only December-February buyers ($95k-$100k) underwater. This binary metric simply classifies coins as profitable or at a loss based on purchase price, unlike MVRV which measures the magnitude of unrealized gains/losses. Similar to MVRV, this metric has bounced strongly off its long-term mean, further confirming a significant reset in investor expectations is occurring.
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