Over 400,000 BTC bought between $60k and $70k during BTC's latest downturn

CoinDesk

by James Van Straten

February 24, 2026

AI-Generated Deep Dive Summary

Glassnode data reveals a significant accumulation of Bitcoin (BTC) during its recent downturn, with over 400,000 BTC bought in the $60,000 to $70,000 price range. This represents a 43% surge in supply within this band, highlighting aggressive dip buying as the market corrected from its October all-time high of $126,000. The data underscores that more than 8% of Bitcoin's non-exchange circulating supply now has a cost basis in this range, forming a dense cluster of ownership. 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. This adjusted version removes internal transfers and excludes exchange balances, offering a clearer view of genuine investor behavior. The data shows that Bitcoin’s price fell from around $88,000 on January 1 to $63,000, part of a broader correction. This dip buying activity suggests that investors are positioning themselves at lower price points, potentially signaling a shift in market dynamics. The $70,000 to $80,000 zone has historically been an "air pocket," where Bitcoin has traded very little. During the recent downturn, Bitcoin quickly moved through this thinly transacted area, dropping from $80,000 to $70,000 in just five days before encountering heavier supply concentration below. This surge in ownership at lower price levels could have significant implications for future market movements. It indicates that a substantial portion of the market is now clustered around these price

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Originally published on CoinDesk on 2/24/2026