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Traders bought nearly 600,000 $BTC during Bitcoin's recent slide below $70,000, on-chain data shows. More than 200,000 of those coins were accumulated in the past two weeks alone, suggesting the correction triggered a wave of conviction buying rather than panic.
Bitcoin is currently trading between $69,500 and $70,500, stabilizing after the dip that briefly pushed prices into the $60,000 to $70,000 range. What happened in that band is now showing up clearly in blockchain data.
What Does the On-Chain Data Actually Show?
The figures come from Glassnode's UTXO Realized Price Distribution (URPD), a metric that tracks the price at which Bitcoin last moved on-chain. It shows how many coins have a cost basis within a given price range.
At the start of 2026, roughly 997,000 $BTC had last moved in the $60,000 to $70,000 band. That number has since jumped to approximately 1.558 million $BTC.
That means around 8% of Bitcoin's total circulating supply of 20 million coins now has a cost basis in this range. That's a dense ownership cluster. In market terms, clusters like this tend to act as support because holders in the zone are less likely to sell at a loss if the price dips back toward their entry.
Who Is Buying?
The data doesn't distinguish between retail and institutional buyers, but the broader picture provides context.
U.S. spot Bitcoin ETFs collectively hold 1.285 million $BTC, representing roughly $90 billion in assets under management as of March 11. After a streak of net outflows, those products have seen positive inflows again in recent days, suggesting institutional demand picked back up during or after the dip.
Is This Unusual?
The behavior is typical of dip-buying cycles, but the scale stands out. This builds on an earlier Glassnode report from February 2026 that showed around 400,000 $BTC had already been accumulated in the same price band during the earlier stages of the downturn. The total has since grown by roughly 50%.
Checkonchain data puts about 60% of the circulating supply currently in profit. That leaves around 40% of holders who bought above $70,000 still underwater. If Bitcoin pushes back toward the $70,000 to $80,000 range, those holders may create selling pressure, which analysts have flagged as a potential headwind. Above that, the liquidity picture thins out considerably.
What Does It Mean Going Forward?
The $60,000 to $70,000 zone has become a dense accumulation band. With 8% of supply now anchored there, it could serve as a meaningful floor if the price tests those levels again.
That said, the accumulation data describes what happened, not what comes next. The price sitting near $70,000 after the dip means many of those recent buyers are close to breakeven. Whether they hold or sell depends on how the market develops over the coming weeks.
Sources:
- CoinDesk Original reporting on the 600,000 $BTC accumulation figure sourced from Glassnode URPD data, published March 10, 2026
- Glassnode Studio Live dashboard referenced in the CoinDesk report showing UTXO Realized Price Distribution for $BTC
- CoinMarketCap Bitcoin price and market data reference