Bitcoin’s September rebound pushed the share of BTC supply in profit as high as 73.8%, its strongest level since January, before the measure eased to 72% while the price hovered around $83,000. The metric tracks the portion of total Bitcoin supply last moved at prices below the current market level. On-chain analyst Axel Adler Jr. said the ratio remains below its 76% long-term average. A move back above 76% alongside renewed positive momentum would indicate continuation, while a decline toward 65% with negative momentum would put much of the supply that returned to profit in September back into loss.