Bitcoin has a massive amount of old and potentially lost coins. This includes coins linked to Satoshi Nakamoto, early miners, users who lost access to their wallets, and $BTC that has remained dormant for many years. Looking at the current data: - Current Supply: 20.1M BTC - Supply in Profit: 14.8M BTC, 73.6% of total supply - Lost Coins in Profit: 5.5M BTC, 27.4% of total supply - Supply in Profit Excluding Lost Coins: 9.35M BTC, 46.5% of total supply This means roughly 37% of all BTC currently counted as being in profit may come from coins classified as lost or economically inactive. Once we remove them, the picture changes significantly. Traditional Supply in Profit suggests that almost 74% of Bitcoin supply is in profit. But only around 46.5% of the total supply represents Supply in Profit after excluding these Lost Coins. This may give us a very different view of the supply that is actually economically relevant to the market.