More than 400,000 BTC have been accumulated between $60,000 and $70,000 during bitcoin’s latest downturn, underscoring aggressive dip buying as the market retraced sharply, according to Glassnode data.
Supply in the $60,000 to $70,000 band has risen from roughly 997,000 BTC on Jan. 1 to about 1.43 million BTC today, an increase of approximately 429,000 BTC, or 43%, according to Glassnode data. More than 8% of the non exchange circulating supply now has a cost basis within this range, forming a dense cluster of ownership.
BTC’s price has fallen from around $88,000 on Jan. 1 to $63,000, part of a broader correction that has seen bitcoin drop around 50% from its October all time high of $126,000.
The analysis is based on Glassnode’s Unspent Transaction Output Realized Price Distribution (URPD) metric, which groups existing bitcoin supply by the price at which each coin last moved on chain. The entity adjusted version clusters addresses controlled by the same owner, excludes internal transfers, and removes exchange balances, offering a clearer view of genuine investor cost basis.
CoinDesk has 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 Jan. 31 to Feb. 5, for bitcoin to fall from $80,000 to $70,000, highlighting how quickly price can move through thinly transacted areas before finding heavier supply concentration below.