Bitcoin Supply in Profit Rebounds to 57.5%, but More Signals Needed to Confirm Bottom

The share of Bitcoin holders sitting on unrealized gains has rebounded to nearly 60%, but on-chain data suggests it is still too early to confirm a broader bullish reversal.

Cointelegraph reported on July 24 that on-chain analytics platform CryptoQuant said Bitcoin’s supply in profit had recovered to 57.5% as of July 22. That marks a rebound from 46.2% on June 30, the 2026 low, in less than a month.

CryptoQuant contributor TheKrissOnChain wrote that two conditions must be met for a bear market to confirm a true bottom. The 30-day simple moving average of long-term holder spent output profit ratio, or LTH-SOPR, must hold above 1, and the overall supply-in-profit ratio must rise above 64%. Long-term holders are investors who have not moved their Bitcoin for more than six months. An SOPR reading above 1 indicates that most coins moved on-chain are being transferred at a profit.

TheKrissOnChain added that this cycle has already seen one failed attempt. From April 28 to June 1, the 30-day average of LTH-SOPR stayed above 1.0 for 35 days and the supply-in-profit ratio climbed to 67%, before both indicators turned lower again. The 30-day moving average of LTH-SOPR is currently below 1 and has remained there for more than 50 days.

Demand signals are also mixed. Buying in the spot market remains weak, while institutional Bitcoin purchases are showing a modest recovery.