More than 400,000 Bitcoin accumulated between $60K and $70K amid the recent market slump

More than 400,000 Bitcoin have been accumulated in the $60,000 to $70,000 range during the latest market pullback, signaling strong dip-buying activity as prices retraced sharply, according to data from Glassnode.

Glassnode figures show supply clustered within that band has climbed from roughly 997,000 BTC on Jan. 1 to around 1.43 million BTC, marking an increase of about 429,000 BTC — a 43% surge. As a result, more than 8% of bitcoin’s non-exchange circulating supply now carries a cost basis between $60,000 and $70,000, creating a significant concentration of ownership in that zone.

The buildup comes amid a steep correction. Bitcoin has fallen from approximately $88,000 at the start of the year to about $63,000, and is now roughly 50% below its October all-time high of $126,000.

The analysis relies on Glassnode’s Unspent Transaction Output Realized Price Distribution (URPD) metric, which categorizes existing supply based on the price at which coins last moved on-chain. The entity-adjusted version groups addresses controlled by the same owner, filters out internal transfers, and excludes exchange-held balances, providing a clearer estimate of genuine investor cost basis.

Previously, CoinDesk identified the $70,000 to $80,000 region as an “air pocket” — an area with historically light trading volume. The recent sell-off underscored that dynamic: bitcoin dropped from $80,000 to $70,000 in just five days, between Jan. 31 and Feb. 5, illustrating how quickly prices can traverse thinly traded zones before stabilizing where supply is more concentrated.

The heavy accumulation between $60,000 and $70,000 now suggests that this range may serve as a key battleground for bulls and bears in the weeks ahead.