Bitcoin profitability metrics suggest the market is going through a correction rather than a full structural reset. As of April 1, 2026, the share of Bitcoin supply in profit had recovered to 66.4%, while the 30-day moving average stood at 69.1%. The rebound indicates that profitability conditions have improved somewhat after the recent drawdown.
Short-term recovery, long-term resilience
While near-term metrics have strengthened, the longer-term picture tells a different story. The 365-day moving average remains elevated at 87.5%, showing that a large portion of Bitcoin held over the past year is still in profit. That level is notably higher than what has historically been associated with a full market reset.
The report notes that profitability metrics had fallen to 55.7% during the downturn. Even so, the annual average did not collapse in the way it did during previous deep-cycle bear phases. This suggests the current environment is better characterized as a cyclical correction with heightened volatility, rather than a broad bearish washout.
How this compares with past cycles
Historically, full resets have been marked by a much deeper decline in long-term profitability metrics. During the 2017–2019 cycle, for example, the 365-day moving average dropped to 63.8%, a level often associated with more complete market capitulation and repricing.
By comparison, today’s much higher annual average implies that Bitcoin’s broader profit base remains relatively intact. In that context, the latest data points to an ongoing correction phase rather than the kind of deep structural reset seen in prior bear market extremes.