Above vs below cost basis — Coins above vs below their cost basis
Supply in profit describes how Bitcoin supply is distributed across holder cohorts: Above vs below cost basis. It makes accumulation, distribution and the age of held coins easier to compare across cycles.
Follow the direction of the cohort bands over weeks and months. Growing older cohorts usually indicate supply maturing, while growing young cohorts point to recently moved coins.
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.