% of supply in profit across time — Share (or absolute BTC) of cost-basis-priced supply held in profit vs loss. <50% = capitulation
Supply in profit (over time) describes how Bitcoin supply is distributed across holder cohorts: % of supply in profit across time. It makes accumulation, distribution and the age of held coins easier to compare across cycles.
>95% of supply in profit = almost everyone has gains to protect (fragile euphoria). <50% = half the market underwater (historically deep-value zones).
The cohort threshold is an analytical convention, not a statement about a person's conviction. Transfers between a holder's own wallets can change the apparent age of supply.