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More than 400,000 BTC acquired within the $60,000 to $70,000 range during the recent decline of Bitcoin.
Glassnode data indicates a 43% increase in supply concentrated within the $60K to $70K range following bitcoin’s 50% drop from its peak in October.
BTC URPD (Glassnode)
Key points:
- Supply within the $60K to $70K range has increased from approximately 997,000 BTC on January 1 to around 1.43 million BTC, indicating that over 8% of the non-exchange circulating supply is currently held in this range.
- The $70K to $80K area has been referred to as an air pocket, and during the recent market decline, bitcoin plummeted from $80K to $70K in merely five days.
More than 400,000 BTC have been gathered between $60,000 and $70,000 during bitcoin’s recent slump, highlighting robust dip-buying activity as the market experienced a significant pullback, according to data from Glassnode.
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The supply in the $60,000 to $70,000 bracket has escalated from around 997,000 BTC on January 1 to about 1.43 million BTC today, reflecting a growth of roughly 429,000 BTC, or 43%, based on Glassnode data. More than 8% of the non-exchange circulating supply now has a cost basis within this range, creating a dense ownership cluster.
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BTC’s price has decreased from approximately $88,000 on January 1 to $63,000, part of a broader correction that has seen bitcoin decline about 50% from its October peak of $126,000.
This analysis relies on Glassnode’s Unspent Transaction Output Realized Price Distribution (URPD) metric, which categorizes existing bitcoin supply by the price at which each coin last transacted on-chain. The adjusted version groups addresses controlled by the same owner, eliminates internal transfers, and removes exchange balances, providing a clearer insight into the actual investor cost basis.
CoinDesk has previously characterized the $70,000 to $80,000 zone as an “air pocket”, a region where bitcoin has historically seen minimal trading activity. During the recent downturn, it took only five days, from January 31 to February 5, for bitcoin to drop from $80,000 to $70,000, emphasizing how swiftly prices can navigate through lightly traded areas before encountering more substantial supply concentrations below.
