Percent UTXOs in Profit highlights the percentage of the total set of UTXOs which are currently in profit. In general, higher values may suggest market tops, while lower values may signal bottoms. However, Percent Supply in Profit and Net Unrealized Profit/Loss (NUPL) can often provide a clearer signal of tops and bottoms based on the same concept of examining average profit and loss across a network.
Percent Supply in Profit is calculated by dividing the absolute number of UTXOs in Profit by the total number of UTXOs and converting to a percentage.
Rafael Schultze-Kraft - Dissecting Bitcoin's Unrealised On-Chain Profit/Loss