More than 400,000 BTC have been accumulated between $60,000 and $70,000 during bitcoin’s recent slump, underscoring aggressive dip buying 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 approximately 429,000 BTC or 43%, according to Glassnode data. More than 8% of the OTC circulating supply now has a cost basis within this range, forming a tight cluster of ownership.
BTC’s price has fallen from around $88,000 on January 1 to $63,000, part of a broader correction that has seen bitcoin fall about 50% from its October 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 unit-aligned version clusters addresses controlled by the same owner, excludes internal transfers and removes currency balances, providing a clearer view of the true investor cost base.
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 January 31 to February 5, for bitcoin to fall from $80,000 to $70,000, underscoring how quickly the price can move through thinly traded areas before finding heavier supply concentration below.
