Fresh data from Glassnode indicates that investors aggressively accumulated Bitcoin between $60,000 and $70,000 as prices retreated sharply in recent weeks.
According to the firm’s on-chain metrics, supply held within that price band has expanded from about 997,000 BTC on Jan. 1 to roughly 1.43 million BTC, an increase of nearly 429,000 BTC — representing a 43% rise. That means more than 8% of bitcoin’s non-exchange circulating supply now has a cost basis in the $60,000–$70,000 range, forming a dense ownership cluster.
The surge in accumulation follows a steep correction. Bitcoin has fallen from around $88,000 at the beginning of the year to near $63,000, and currently sits roughly 50% below its October record high of $126,000.
The findings are derived from Glassnode’s Unspent Transaction Output Realized Price Distribution (URPD) metric. URPD organizes circulating supply by the price at which each coin last moved on-chain. The entity-adjusted version consolidates addresses belonging to the same owner, excludes internal wallet transfers, and removes exchange balances, offering a more accurate picture of investor cost basis rather than exchange-held liquidity.
Earlier reporting characterized the $70,000 to $80,000 range as an “air pocket” — a zone with historically limited trading activity. The recent downturn reinforced that view: bitcoin slid from $80,000 to $70,000 in just five days, from Jan. 31 to Feb. 5, demonstrating how swiftly price can pass through thinly traded territory before encountering heavier accumulation below.
With supply now heavily concentrated in the $60,000 to $70,000 band, that range could emerge as a critical support area as the market determines its next direction.
