Traders snapped up nearly 600,000 BTC as bitcoin dipped below $70,000, blockchain data show

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Traders snapped up nearly 600,000 BTC as bitcoin dipped below $70,000, blockchain data show Glassnode data shows strong demand during bitcoin’s recent correction, with 200,00 BTC purchased over the past two weeks. By James Van Straten | Edited by Omkar Godbole Mar 10, 2026, 11:33 a.m. Make us preferred on Google URPD (Glassnode) What to know : Nearly 600,000 BTC were accumulated in the $60,000 to $70,000 range during bitcoin’s latest correction. Data from Checkonchain shows around 60% of the circulating supply, is currently in profit, implying about 40% has a cost basis above $70,000. Bitcoin's BTC $ 70,592.97 recent dip triggered heavy trading activity, with nearly 600,000 BTC changing hands in the $60,000–$70,000 range, according to blockchain data tracked by Glassnode . In other words, traders went bargain hunting, snapping up nearly 600,000 BTC ($42.48 billion) in this price band during the correction. Of these, more than 200,000 BTC were accumulated in the past two weeks alone. Note that at the start of the year, roughly 997,000 BTC had last moved within the $60,000–$70,000 range. Since bitcoin’s recent drop below $70,000, that number has jumped to 1.558 million BTC. Taken together, it means that nearly 8% of the circulating supply is owned by people who bought their bitcoin in this range, creating a dense cluster of ownership. As such, the $60,000–$70,000 range could act as an important support level going forward. At press time, bitcoin changed hands above $70,000, trading at levels, which have previously seen thin trading activity. CoinDesk Research has previously highlighted the “air gap” between $70,000 and $80,000, a range where relatively little supply changed hands. Still, the market is at a point where things could spice up, because analysis by Checkonchain shows that around 40% of bitcoin holders have paid more than $70,000 for their coins. Bitcoin News Glassnode More For You Pudgy Penguins: Challenging the Pokemon and Disney Legacy in the Global IP Race By CoinDesk Research Feb 27, 2026 Commissioned by Pudgy Penguins CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events. What to know : Disrupting a Stagnant Market : Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product. View Full Report More For You Hyperliquid's next upgrade to let seasoned traders take bigger bets with less capital By Omkar Godbole | Edited by Shaurya Malwa 21 minutes ago Hyperliquid will introduce portfolio margin for real trading accounts, letting users offset risk across positions and support larger trades with less collateral. What to know : Hyperliquid will introduce portfolio margin for real trading accounts, letting users offset risk across positions and support larger trades with less collateral. Access to portfolio margin will be limited to master accounts with more than $5 million in weighted trading volume, aiming to confine the feature to experienced traders. The exchange will impose strict platformwide and per-user caps on supplying and borrowing assets, including stablecoins, HYPE and bitcoin, to enhance capital efficiency while containing systemic risk. Read full story Latest Crypto News Stablecoin market expands, bitcoin rallies as Iran war panic cools 1 minute ago Nvidia's Huang argues AI creates jobs, not destroys them, in rare official blog post 3 minutes ago Hyperliquid's next upgrade to let seasoned traders take bigger bets with less capital 21 minutes ago Bitcoin climbs to $71,000 as dollar, oil weaken after Trump comments on Iran war 53 minutes ago Strategy logs record STRC equity issuance on Monday, buys estimated 1,420 bitcoin 1 hour ago Hyperliquid’s tokenized futures hit $1.2B as traders bet on oil, stocks 3 hours ago Top Stories Pudgy Penguins launches its 'Club Penguin' moment, and the game doesn't feel like crypto at all 5 hours ago Bhutan sells $42.5 million of bitcoin in 2026 as national stack drops 58% from peak 6 hours ago Here's how traders and big buyers stepped in to keep bitcoin steady during the oil shock 5 hours ago Ether treasury firm Bitmine moves $19.5 million in ETH to Coinbase Prime 4 hours ago AI tokens rally after Nvidia open-source agent plan, beat CoinDesk 20 6 hours ago In this article BTC BTC $ 70,592.97 ◢ 4.19 %