Analysts: Bitcoin profitable supply ratio rebounds to 69%, with a 90-day increase of +41%

TechFlow reports: On September 11, CryptoQuant analyst Axel Adler Jr. posted that on-chain data shows the proportion of Bitcoin supply in profit has rebounded from 47% at the end of June to 69%, moving out of historically common market pressure ranges. Meanwhile, the 90-day change in this metric quickly reversed from -19% in early August to +41%, marking one of the fastest recoveries in Bitcoin’s history.

The analysis indicates that this current rebound was largely driven by a short squeeze, reflecting a significant shift of supply from loss to profit following rapid price gains. However, the current profitable supply ratio remains below the higher range of 75% to 90%, making it premature to confirm that the market has entered a new trend phase. Moving forward, focus will turn to the sustainability of this metric once momentum weakens, and whether profitable coins are flowing into exchanges and generating selling pressure.