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Bitcoin supply in profit rises above 50% as recovery signals fade

Onchain data from CryptoQuant shows Bitcoin supply in profit at 57.5% as of July 22, up from 46.2% at the June 30 2026 low.

Reported · Written up by our desk · Market Structure

Bitcoin investors are once again in aggregate profit, but onchain analysis suggests the improvement may not be enough to confirm the start of a new bull market, according to Cointelegraph.

CryptoQuant data cited by Cointelegraph shows Bitcoin supply in profit climbed above the 50% mark in July, reaching 57.5% as of July 22, compared with 46.2% on June 30, the report’s referenced 2026 low.

The analysis also points to improving conditions for long term holders, using LTH SOPR to track whether dormant coins move at prices above acquisition levels. LTH SOPR is based on whether values are above 1, indicating mostly profit, or below 1, indicating moves at a loss.

Cointelegraph further notes that prior bear market endings have required supply in profit to stay above 64% and the 30 day simple moving average of LTH SOPR to remain above 1 without dropping below that level for weeks, and it flags a prior failed attempt in this cycle where both metrics “rolled back over” from April 28 to June 1.

Latest closeBitcoin $64,977.67 ▼0.1%

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