Nearly 60% of BTC supply is now profitable, though analysts warn the recovery may falter amid long-term holder losses.
Bitcoin’s supply in profit has climbed to 57.5%, up from a June 30 low of 46.2%, as prices recover from recent declines. The improvement suggests growing investor profitability, but onchain data indicates the trend may lack durability.
The metric, which tracks BTC held at prices above acquisition costs, had dipped to its lowest level since 2026 before rebounding. However, long-term holders continue to realize losses, raising doubts about the sustainability of the recovery.
Analysts caution that similar false breakouts have occurred in past cycles, urging investors to monitor whether the trend holds before confirming a broader market shift.