1 month ago
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Key Takeaways
- Bitcoin supply in profit sits at 10.2M BTC with price near $300.
- That reading has broken below a multi-cycle trendline that held since 2011.
- All three major SMAs sit far above price, a bearish configuration.
- ETF flows show institutional retreat while exchange supply keeps falling.
- Coins are leaving exchanges into storage even as price drops.
Start with supply in profit, the number of coins held above their acquisition price, currently 10.2 million BTC according to report, shared by CryptoQuant. On its own that figure means little, so the chart gives it 15 years of context. An ascending trendline drawn from 2011 yearend connects the supply-in-profit lows of every major bear market: 2011, 2014-15, 2018, and 2022. Each time Bitcoin crashed, supply in profit dropped hard bu...
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