Over 400,000 BTC bought between $60k and $70k during bitcoin’s latest downturn
Analysis
Price Impact
MedThe accumulation of a significant amount of btc (over 400,000 coins) in the $60k-$70k range indicates strong buying interest at these levels during a downturn. this suggests a potential support zone, but the overall market sentiment and other factors will determine if this accumulation can counteract broader bearish trends.
Trustworthiness
HighGlassnode is a reputable on-chain analytics firm, and their unspent transaction output realized price distribution (urpd) metric is a well-established tool for analyzing investor cost basis. the data appears to be clearly presented.
Price Direction
NeutralWhile the accumulation suggests buying pressure, the article also mentions a significant price drop from all-time highs and recent falls to $63,000. the market is currently showing weakness, and the 'air pocket' above $70k suggests potential for further downward movement if buying pressure wanes. therefore, the immediate direction is uncertain, with potential for both recovery and further dips.
Time Effect
ShortThe data reflects recent activity (january 1st to february 24th, 2026), and the impact of this accumulation will likely be felt in the short to medium term as traders react to these support levels. however, bitcoin's long-term trend is influenced by many more factors.
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Article Content:
Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Over 400,000 BTC bought between $60k and $70k during bitcoin’s latest downturn Glassnode data shows a 43% surge in supply clustered in the $60K to $70K range following bitcoin’s 50% decline from its October all time high. By James Van Straten | Edited by Jamie Crawley Feb 24, 2026, 12:21 p.m. Make us preferred on Google BTC URPD (Glassnode) 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. In this article BTC BTC $ 63,354.63 ◢ 4.46 % 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. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . 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. Bitcoin News Glassnode Technical Analysis More For You Crypto markets bleed as bitcoin hovers above liquidation zone By Oliver Knight , Omkar Godbole | Edited by Sheldon Reback 52 minutes ago Bitcoin dropped to $63,000 as the dollar climbed and equities weakened. A break below $60,000 risks further liquidations and a slide toward $52,500. What to know : BTC is down 4.7% in 24 hours to $63,100; a break below $60,000 could open the door to liquidations and a move toward $52,500 support. BCH dropped 11.5%, while APT, ATOM and SUI fell 5%–8% as liquidity thins and sell pressure intensifies. DeFi TVL is holding up better than token prices, suggesting rotation into stablecoins, while RSI signals hint at a potential short-term bounce. Read full story Latest Crypto News Bitcoin teeters near $63,000 as pippin's rally shows froth remains 15 minutes ago Crypto markets bleed as bitcoin hovers above liquidation zone 52 minutes ago Step Finance shuts operations after $27 million January hack 1 hour ago Putting the treasury to work: The Ethereum Foundation just staked 70,000 ETH to fund its future 2 hours ago Canaan buys Cipher’s 49% of West Texas mining venture for $39.75 million in stock 2 hours ago Hong Kong's RedotPay said to plan blockbuster $1 billion IPO in New York: Bloomberg 3 hours ago Top Stories Jane Street faces claims of insider trading that sped up Terraform's 2022 collapse 6 hours ago Bitcoin's price discovery is moving to Chicago 5 hours ago Anthony Pompliano led Procap Financial dips toe into buybacks 21 hours ago In this article BTC BTC $ 63,354.63 ◢ 4.46 %