Analyst says 60% of active BTC supply is in profit, with no sign of overheating

About 60% of Bitcoin supply excluding coins dormant for more than 10 years has remained in profit since August, according to a CryptoQuant analysis by contributor Darkfost. In a post on X, Darkfost said long-dormant holdings should be excluded for a more realistic view of the market because their unrealized gains are large, liquidity is low, and a significant share may have been lost. Darkfost added that more than half of the remaining BTC supply has moved back into profit, but the market still appears far from overheated over the medium to long term. Darkfost also said investors now face a choice between continuing to hold positions kept for nearly a year, taking profits, or exiting with limited losses. Sideways price action around current levels is also natural, Darkfost said, adding that the next move will depend on whether demand or supply takes the upper hand.