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BTC - Percent Supply in Profit
Description
The Bitcoin Percentage of Supply in Profit shows the percentage of the total BTC supply with unrealized profits. How much profit each coin has is not considered. Total supply includes lost and burned coins.
Bitcoin's USD Market Price is included for reference.
Pseudocode
for each block in blockchain:
block.price := btc_usd_price(block.time)
block.total_supply := sum(ledger.utxo[].btc)
block.supply_in_profit := sum(ledger.utxo[utxo.cost_basis < block.price].btc)
block.percent_supply_in_profit := block.supply_in_profit / block.total_supply
(x,y) := (block.time, block.supply_in_profit)
for each hour in blockchain:
hr_profit_perc := first(blockchain[hr_start:hr_end].percent_supply_in_profit)
(x,y) := (hour, hr_profit_perc)
for each day in blockchain:
day_profit_perc := first(blockchain[day_start:day_end].percent_supply_in_profit)
(x,y) := (day, day_profit_perc)
Technical Info
The percentage of supply in profit oscillates from the 40%-50% range up to 100%. During all-time high price discovery, all coins are in profit.
- This metric is based on transactions (unadjusted).
- Total supply includes lost and burned coins.
- OP_RETURN (Null Data) TXOs are designed to be excluded from the ledger, and are omitted from this metric.
- Hourly and daily aggregations are derived from block data using open for this metric. Open grouping uses the first data after a given time to represent that time.
- Hourly data contains occasional gaps; no blocks were generated during these times.
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