Over 400,000 Bitcoin (BTC) were purchased in the $60,000 to $70,000 price range amid a significant market correction. Data from Glassnode indicates a 43% surge in supply within this band, rising from approximately 997,000 BTC to 1.43 million BTC. This accumulation represents over 8% of the total circulating supply outside of exchanges, highlighting a concentrated cost basis for many investors.
This buying activity occurred as Bitcoin's price fell from $88,000 to $63,000, a 50% drop from its October all-time high. The analysis utilizes Glassnode's Unspent Transaction Output Realized Price Distribution (URPD) metric, which tracks the price at which Bitcoin last moved on-chain. The entity-adjusted version provides a refined view of genuine investor cost basis by excluding exchange balances and internal transfers.