Bitcoin Supply in Profit Reaches 69.3% as Futures Open Interest Hits $37.1 Billion

Key Facts

Glassnode's Week 37 report showed that 69.3% of Bitcoin supply was in profit while BTC traded near $79,100, up 0.7% for the week and within a $77,300-to-$81,300 range. The price holding inside that band points to a range-bound market rather than a confirmed direction.

In derivatives, futures open interest rose 1.0% to $37.1 billion and moved above Glassnode's upper statistical band. Long-side funding payments, however, fell 32.8% to $1.3 million, indicating that leverage expanded without a comparable increase in funded bullish positioning.

Options open interest increased 2.1% to $40.1 billion, while the volatility spread widened to -20.9% and 25-delta skew moved from 0.79% to -2.05%. Glassnode said the combination reflected implied volatility trading below realized volatility and stronger demand for calls than puts.

U.S. spot Bitcoin ETFs recorded $681.2 million of weekly net inflows, up from $247.8 million in the previous week. ETF trading volume nevertheless fell 19.2% to $12.1 billion, while ETF MVRV moved from -0.54 to 1.31, putting aggregate ETF holdings in profit under the model.

Monthly realized-cap growth accelerated to 0.8%, and hot-capital share rose to 30.1%. At the same time, entity-adjusted transfer volume fell 12.8% to $5.0 billion, fees declined 4.8% to $213.0 thousand and active addresses were flat at 635.6 thousand, showing a gap between capital inflows and quieter on-chain activity.

Percent Supply in Profit measures the share of coins whose price when last moved was below the current price; it captures unrealized profitability, not an intention to sell. The current setup combines elevated profitability, leverage and institutional inflows with weaker spot momentum, increasing positioning risk without producing a one-way forecast for BTC.