More than 400,000 BTC were accumulated between $60,000 and $70,000 during Bitcoin’s latest downturn, highlighting aggressive buying on the dips as the market pulled back sharply, according to Glassnode data.
Supply in the $60,000 to $70,000 bracket increased from around 997,000 BTC on January 1 to around 1.43 million BTC today, an increase of around 429,000 BTC, or 43%, according to Glassnode data. More than 8% of the circulating off-trade supply now has a cost base within this range, forming a dense group of ownership.
The price of BTC fell from around $88,000 on January 1 to $63,000, part of a broader correction that saw bitcoin fall around 50% from its all-time high of $126,000 in October.
The analysis is based on Glassnode’s Unspent Transaction Output Realized Price Distribution (URPD) metric, which aggregates the existing bitcoin supply based on the price at which each coin was last moved on-chain. The entity-adjusted version aggregates addresses controlled by the same owner, excludes internal transfers, and removes exchange balances, providing a clearer view of the true cost basis for the investor.
CoinDesk previously described the $70,000 to $80,000 zone as an “air pocket,” a region where bitcoin has historically traded very little. During this recent downturn, it took just five days, from January 31 to February 5, for bitcoin to fall from $80,000 to $70,000, highlighting how quickly the price can move in thinly traded areas before finding a greater concentration of supply below.
