bitcoin It may have recently looked choppy below $70,000, but a ton of BTC was traded at that time, in a sign of a sharp drop in demand.
This is evident from blockchain data, which shows that the total amount of BTC last moved on-chain in the $60,000 to $70,000 range is now 1,845,766 BTC, up from 1,001,491 BTC on January 1, according to data source Glassnode. This rise of 844,275 BTC indicates that some market participants aggressively bought the dip below $70,000.
More importantly, that 1.84 million BTC figure represents approximately 9.23% of the circulating supply of bitcoin. It means that valuations below $70,000 could act as a floor because many coins are “anchored” there and sellers could be reluctant to sell below that level.
These numbers are derived from Glassnode’s Realized Price Distribution (URPD) metric, which shows the price levels where the current pool of bitcoin UTXOs (basically, individual chunks of bitcoin in wallets) last moved. Each bar, as seen in the main image, represents how much bitcoin is held at a given price. This version is entity-adjusted, meaning that coins held by the same owner are grouped based on the average price at which they were purchased.
While the $60,000 to $70,000 range has seen a lot of activity, the $70,000 to $80,000 range appears relatively tight, according to Glassnode. Only 400,000 BTC are in this range, which is almost half the amount traded below $70,000.
Bitcoin has recovered above $70,000 following the temporary ceasefire between the United States and Iran. The cryptocurrency spent most of the last five weeks trading below $70,000. However, it remained resilient relative to traditional risk assets such as stocks, which weakened when the Iran war sent oil prices per barrel above $100.
