Bitcoin is closer to its 'buy zone' than it's been in three years

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin is closer to its 'buy zone' than it's been in three years The gap between bitcoin's spot price and realized price is compressing toward levels that historically marked cycle bottoms, but the on-chain data shows the capitulation that typically precedes those bottoms hasn't happened. By Shaurya Malwa Apr 1, 2026, 3:13 a.m. Make preferred on What to know : Bitcoin still trades about 21 percent above its realized price, indicating most holders remain in profit and that on-chain data do not yet signal a classic long-term accumulation zone. The gap between spot and realized price has compressed rapidly from roughly a 120 percent premium in late 2024 to 21 percent now, suggesting a fast-moving compression phase rather than a completed market reset. On-chain indicators show no capitulation event or broad institutional surge in demand, implying that a deeper drawdown toward the realized price near $54,000 may be needed to mirror past cycle bottoms. Bitcoin at $67,500 is being sold as a buying opportunity. The on-chain data says it's not one yet — but it's getting closer to becoming one. CryptoQuant data shows bitcoin's realized price, the average cost basis of all coins on the network weighted by their last transaction, sitting at $54,286. Spot trades at $68,774 on the same chart. That puts the gap at roughly $14,500, or about 21% above realized. In the 2022 bear market, the signal that marked the actual bottom was spot falling below realized price. Bitcoin traded under its aggregate cost basis from June through October 2022, and the deepest point of that dip, when spot was roughly 15% below realized, coincided almost exactly with the cycle low near $15,500. The early 2020 COVID crash produced a similar breach. Both were genuine accumulation zones because the entire network was underwater on average. Buying when the market is collectively at a loss has historically been one of the most reliable entry signals in bitcoin's history. The current setup is not that. A 21% premium to realized price means the average holder is still sitting on a profit. That is a meaningful buffer. For spot to reach realized price from here, bitcoin would need to fall to approximately $54,000, another 20% decline from current levels. What is notable is how fast the gap has been closing. In late 2024, when bitcoin was trading above $119,000, the premium to realized price was roughly 120%. That has compressed to 21% in about 15 months, one of the fastest approaches to the realized price line outside of outright crashes. CryptoQuant analyst Oinonen flagged Monday that bitcoin has entered what they describe as an "accumulation zone," drawing a comparison to the 2022 bottom. But the framing is premature. The 2022 accumulation zone, as visible on CryptoQuant's own chart, was defined by spot trading at or below realized price. The box they draw around current price action captures a range where spot remains well above the metric that's supposed to define the zone. Other on-chain signals reinforce the incomplete-reset read. The Coinbase Premium Index has returned to negative territory, indicating weakening institutional demand on the venue most associated with U.S. buyer flows. None of this means bitcoin can't rally from here. The $65,000-$70,000 range has held through five weeks of war escalations, and ETF inflows of over $1 billion in March suggest a buyer base that isn't waiting for on-chain models to give the all-clear. But that test hasn't happened, and the on-chain evidence suggests the market hasn't yet experienced the kind of pain that historically marks the bottom. More For You Encryption Supremacy: Zcash and Privacy in the Age of Scale By CoinDesk Research 11 hours ago Commissioned by GenZcash Most crypto privacy models weaken as blockchain data grows. Encryption-based models like Zcash strengthen. CoinDesk Research maps the five privacy approaches and examines the widening gap. Why it matters : As blockchain adoption scales, the metadata available to machine learning models scales with it. Obfuscation-based privacy approaches are structurally degrading as a result. This report provides a comprehensive comparison of all five major crypto privacy architectures and a framework for evaluating which models remain durable as AI capabilities improve. View Full Report More For You Bitcoin enters the public bond market as Moody’s gives a first-of-its-kind crypto deal a rating By Helene Braun | Edited by Aoyon Ashraf 4 hours ago A New Hampshire state authority is set to issue a first-of-its-kind bitcoin-backed bond with a Ba2 rating, marking an early test of how crypto can function as collateral inside traditional public finance markets. What to know : The New Hampshire Business Finance Authority plans to issue what appears to be the first rated bitcoin-backed bond, provisionally graded Ba2 by Moody’s, signaling a new intersection of crypto and public finance. The bonds are backed by bitcoin held in custody by BitGo. The securities are limited-recourse and do not... Read full story Latest Crypto News Bitcoin enters the public bond market as Moody’s gives a first-of-its-kind crypto deal a rating 4 hours ago What's next after bitcoin's historic underperformance stretch against stocks 6 hours ago Clarity Act ‘not a gatekeeper’ for crypto innovation, WisdomTree exec says 8 hours ago The post-quantum transition can’t be postponed any longer 9 hours ago Bitcoin, stocks rise, oil slides, after report of Iran's willingness to end conflict 10 hours ago Charles Hoskinson not a fan of CLARITY Act, warns of 'weaponization' by future lawmakers 10 hours ago Top Stories Google warns five quantum attack paths could put $100 billion on Ethereum at risk 15 hours ago Bitcoin bulls scramble for post-quantum protection as Google drops bombshell paper 15 hours ago Downside risk remains as bitcoin nears record-tying six-month losing streak 14 hours ago Coinbase’s Base to focus on tokenized markets, stablecoins, developers this year 14 hours ago Breaking Bitcoin with quantum may be easier than thought, with Taproot partly to blame, Google says 22 hours ago Prediction markets backlash builds possible stormcloud for 2027 15 hours ago