Glassnode reports that Bitcoin supply in profit has reached 69.3% of all coins, a reading published in its BTC Market Pulse: Week 37 report and attributed to analyst Frederik Theissen. The fi
Glassnode reports that Bitcoin supply in profit has reached 69.3% of all coins, a reading published in its BTC Market Pulse: Week 37 report and attributed to analyst Frederik Theissen. The figure measures the share of circulating Bitcoin held at an unrealized gain, not the proportion of investors who are profitable.
WHAT TO KNOW
Glassnode and analyst Frederik Theissen reported that 69.3% of Bitcoin coins were in profit in BTC Market Pulse: Week 37, published September 8, 2026. The report describes a finely balanced market rather than a directional signal. For related coverage, see BlackRock's Bitcoin ETF Surpasses 800,000 BTC AUM.
Bitcoin supply in profit
69.3%
Glassnode reports that 69.3% of Bitcoin coins are in profit in BTC Market Pulse: Week 37, published September 8, 2026. This reading alone does not establish a price forecast.The same report placed the realized profit to loss ratio back at parity at 1.0, and noted that monthly realized cap change accelerated to 0.8%. Hot capital share, a measure of recently active supply, climbed to 30.1% in the report. For related coverage, see Bitcoin ETF Absorbs $115M as BTC, ETH, SOL All Log Inflows.
Theissen wrote that profitability is elevated across the supply, with net unrealized profit and loss far above its upper band alongside the parity reading. At report time, Bitcoin traded near $79,100, up 0.7% over the week within a $77,300 to $81,300 band.
Profitability is elevated across the supply, with 69.3% of coins in profit, NUPL far above its upper band and the realized profit to loss ratio back at parity at 1.0. Glassnode, BTC Market Pulse: Week 37
Spot pricing sat close to that level in the days following. Bitcoin changed hands at roughly $79,006, up about 0.97% over 24 hours, with a market capitalization near $1.59 trillion on daily volume of about $32.6 billion. Market sentiment leaned optimistic, with the Fear & Greed Index at 66, a reading classified as Greed.
Supply in profit counts the portion of circulating Bitcoin whose last on-chain movement occurred at a price below the current spot price. The price at which a coin last moved serves as a proxy for its cost basis, not a verified acquisition price.
The 69.3% figure therefore refers to coins, or UTXOs, and not to 69.3% of investors or wallets. A single holder may control many coins with different cost bases, so supply-level readings do not map cleanly onto the number of profitable participants.
The metric captures unrealized profit, gains that exist only on paper while coins sit dormant. That differs from realized profit, which is booked when coins move and change hands, the flow that Glassnode tracks separately through its realized profit to loss ratio. Bitcoin holder behavior has drawn scrutiny as the network's on-chain cohorts shift near price peaks. The specifics of Glassnode's own calculation were not independently verified from the published materials.
A single profitability snapshot does not establish a trend, a market-cycle stage, or a price forecast. The report provides no prior supply-in-profit percentage, so any claim of a rise or a crossing would be an invention.
Elevated supply in profit does not mean holders intend to sell. Unrealized gains can persist for long stretches, as seen when long-term holders sat on paper profits through prior forecasts of six-figure Bitcoin prices without distributing coins.
Fuller context would require a dated source, a historical series of comparable readings, and a holder breakdown, none of which appear in a single figure. Some analysts frame a metric like Bitcoin profitability in probabilistic rather than directional terms, underscoring why one number resists a definitive read.
Underlying the price data, Bitcoin's network fundamentals continue to set the backdrop for any profitability reading: block production proceeds on its roughly ten-minute cadence through each difficulty epoch, and the next halving remains the structural event that will reset issuance and, in turn, the cost-basis distribution these metrics track.
Additional source references: source document 1.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
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