Percentual de Oferta em Lucro

This page answers one percentage question: of all circulating bitcoin, what share currently sits in unrealized profit? The determination uses per-UTXO cost basis — each coin's cost is the price at its last on-chain move (the data source books it at Binance 1-minute closes), and coins above that cost count toward the profit side. Note this is coin-weighted: a 10,000 BTC address carries a hundred thousand times the weight of a 0.1 BTC one. The value here is derived in-house: supply in profit ÷ (supply in profit + supply in loss); both absolute series have their own pages on this site.

Three easily-confused metrics: this page (coin-weighted share), UTXOs in Profit % (count-weighted, tilted toward retail behavior), and Supply in Profit (absolute coins, not a share). Their moments of maximum disagreement are the most informative — count-share high while coin-share is low means small stacks are broadly in profit while large stacks are deep underwater, and vice versa. This page's coin-weighted lens best tracks the market's aggregate P&L structure, since price is ultimately moved by capital, not headcount.

In this site's window the share bottomed at 44.8% on 2022-11-21, right after FTX collapsed — more than half of all coins underwater, a textbook capitulation zone — and topped at 99.98% on 2024-12-15 after new all-time highs, when virtually everyone but the freshest buyers was in profit. It now sits near 55%, historically a bottom-leaning level. As a pattern, sustained readings above 90% mean dry tinder of unrealized gains is piling up, while breaks below 50% have tended to accompany cycle-bottom construction — but tended is not guaranteed: in both 2015 and 2022 the value lingered at depressed levels for months.

Three caveats. Lost coins (including untouched Satoshi-era coins) carry near-zero cost and sit permanently on the profit side, providing a constant floor under the share. Custodial and exchange-internal transfers reset cost basis without genuine turnover, mechanically jerking the share around. And this is a state variable (who is in profit now), not a flow (who is cashing out) — for flows, see the realized profit and realized loss pages. Only state plus flow together distinguishes paper euphoria from actual distribution.

Beyond on-chain P&L, gauge market stress with live liquidations and the Fear & Greed Index.