Recent on-chain data from CryptoQuant shows that Bitcoin balances on exchanges continue to decline and are moving into stronger hands. On the other hand, data tracking the percentage of Bitcoin supply in profit shows that only about half of the addresses are in profit.
Bitcoin Is Disappearing From Exchange Order BooksBitcoin’s exchange reserves have continued falling throughout the cycle, even as prices corrected. However, perhaps the most telling development lies in how Bitcoin ownership is changing beneath the surface.
Meanwhile, short-term holders, the cohort most sensitive to price movements and most likely to sell into strength or panic on weakness, have reduced their aggregate position by about 290,000 BTC.
Only Half Of Bitcoin Supply Is In ProfitAt its peak, above $126,000 in October 2025, 99.66% of the supply was in profit. The drop to near 50% is a reflection of the impact of the correction that followed, bringing a large portion of the market back to breakeven levels. Still, Bitcoin’s recent rally above $77,000 pushed many more holders into profit. Only about 44.1% of the Bitcoin supply was held in profit on April 2.
The three data streams (declining exchange reserves, net accumulation by long-term holders and institutions) and a supply-in-profit reading at the midpoint show Bitcoin is currently in a period of consolidation.
