More than 400,000 BTC have been accumulated between $60,000 and $70,000 during the last bitcoin downturn, underscoring aggressive buying on dips as the market pulled back sharply, according to Glassnode data.
Supply in the $60,000 to $70,000 band has increased from about 997,000 BTC on January 1 to about 1.43 million BTC today, an increase of about 429,000 BTC, or 43%, according to Glassnode data. More than 8% of the circulating non-exchange supply now has a cost base within this range, forming a dense ownership pool.
The price of BTC has fallen from around $88,000 on January 1 to $63,000, part of a broader correction that has seen Bitcoin fall around 50% from its October all-time high of $126,000.
The analysis is based on Glassnode’s Unspent Transactions Realized Price Distribution (URPD) metric, which groups the existing bitcoin supply by the price at which each coin last moved on-chain. The entity-adjusted version groups together addresses controlled by the same owner, excludes internal transfers and eliminates exchange balances, offering a clearer view of the genuine cost basis for the investor.
CoinDesk has previously described the $70,000 to $80,000 zone as an “air pocket,” a region where bitcoin has historically traded very thinly. During this recent downturn, it only took 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 through sparsely traded areas before finding a greater concentration of supply underneath.
