Over 400,000 BTC bought between $60k and $70k during bitcoin’s latest downturn
TL;DR
Glassnode data shows over 400,000 BTC were bought between $60K-$70K during Bitcoin's recent downturn, increasing supply in that range by 43% to 1.43 million BTC. The $70K-$80K zone acted as an 'air pocket' where price fell rapidly before finding support at lower levels with heavier supply concentration.
Key Takeaways
- •Over 400,000 BTC accumulated in $60K-$70K range during recent downturn, showing aggressive dip buying
- •Supply in $60K-$70K band increased 43% from 997,000 to 1.43 million BTC since Jan 1
- •$70K-$80K zone described as 'air pocket' where Bitcoin fell from $80K to $70K in just 5 days
- •More than 8% of non-exchange circulating supply now has cost basis in $60K-$70K range
- •Analysis uses Glassnode's URPD metric to track genuine investor cost basis by clustering addresses
What to know:
- Supply in the $60K to $70K band has risen from roughly 997,000 BTC on Jan. 1 to about 1.43 million BTC, meaning more than 8% of non exchange circulating supply now sits in this range.
- The $70K to $80K region has been described as an air pocket, and during the recent sell off bitcoin fell from $80K to $70K in just five days.
- Supply in the $60K to $70K band has risen from roughly 997,000 BTC on Jan. 1 to about 1.43 million BTC, meaning more than 8% of non exchange circulating supply now sits in this range.
- The $70K to $80K region has been described as an air pocket, and during the recent sell off bitcoin fell from $80K to $70K in just five days.
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.
- Citizens estimates prediction markets are now running above a $3 billion annual revenue rate, with a path to $10 billion by 2030.
- January volumes rose more than 40% from December, with February tracking at similar levels despite post-football season expectations for a slowdown.
- The bank said institutions are beginning to engage as data consumers and liquidity providers, laying groundwork for broader adoption.
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