Bitcoin holders are seeing a return to overall profitability, according to on-chain analytics, but the data also points to a familiar risk: the market may be setting up for another “false breakout” before a sustained recovery is confirmed. CryptoQuant data cited by contributor thechessONCHAIN shows the share of Bitcoin supply currently trading above its approximate acquisition price—known as Supply in Profit—has climbed to 57.5% as of July 22. That compares with 46.2% on June 30, the platform’s reference point for a 2026 low. While that improvement is significant, CryptoQuant’s framework suggests investors should look for confirmation beyond a single rebound.