The volume of Bitcoin supply in profit has reached the levels last was seen 2 years ago as the market came off the Nov 2021 ATH. However, the magnitude of unrealized profit held within these coins remains modest, and thus far insufficient to motivate long-term holders to lock in profits.

Executive Summary
- As the market trades at yearly highs, over 83.6% of the Bitcoin coin supply is held in profit, being the highest level since November 2021 (near the ATH).

- However, the magnitude of unrealized profit held, being the delta between price and the coins cost basis, remains modest.

- The degree of unrealized profit held by investors is thus far an insufficient incentive to motivate long-term holder to spend, keeping the overall supply relatively tight.

In our latest newsletter, we break down the difference between 'coins in profit' and 'unrealized profit' in an on-chain framework. We explore this distinction further in our video report to identify periods where the market is overheated for managing risk.