Data from Glassnode shows investors stepped in aggressively as Bitcoin retreated into the $60,000 to $70,000 range during the recent market slump.
Supply held within that corridor has expanded from roughly 997,000 BTC at the start of the year to about 1.43 million BTC, an increase of nearly 429,000 BTC — representing a 43% jump. More than 8% of bitcoin’s non-exchange circulating supply now has a cost basis in that band, creating a concentrated pocket of ownership that could act as a technical support zone.
The accumulation unfolded amid a sharp drawdown. Bitcoin has fallen from around $88,000 on Jan. 1 to approximately $63,000, leaving it roughly 50% below its October record high of $126,000.
The findings are based on Glassnode’s Unspent Transaction Output Realized Price Distribution (URPD) metric, which categorizes circulating supply by the price at which each coin last moved on-chain. The entity-adjusted version aggregates wallets controlled by the same owner, excludes internal transfers, and removes exchange balances, offering a clearer reflection of true investor cost basis.
Earlier analysis characterized the $70,000 to $80,000 range as an “air pocket,” a zone with historically light trading volume. That dynamic became evident during the recent sell-off, when bitcoin dropped from $80,000 to $70,000 in just five days between Jan. 31 and Feb. 5, underscoring how quickly prices can traverse thinly traded territory before encountering stronger demand below.
With a significant share of supply now clustered between $60,000 and $70,000, this range may serve as a critical battleground for market participants as bitcoin searches for stability
