Bitcoin Supply in Profit Falls Below 50%, Reviving Accumulation Signal

Bitcoin’s “supply in profit” metric measures the share of circulating BTC whose last-moved price is below the current market price. A reading below 50% means more than half of the supply is carrying an unrealized loss, typically reflecting deep market deleveraging. Glassnode’s historical data show similar levels in March 2020 and early 2023, periods often viewed as cycle-reset signals for gradual accumulation by long-term holders.

In February 2026, Bitcoin’s supply in profit briefly fell below 50%, returning to levels seen during the previous two bear-market corrections. Reports noted that the last time the metric fell to about 50%, Bitcoin subsequently gained as much as 655%. Past performance, however, may not be repeated. The metric only reflects the cost basis of Bitcoin holders and cannot by itself confirm that the price bottomed in February.