Fast Take
The UTXO Realized Worth Distribution (URPD) metric by Glassnode provides a snapshot of the costs at which the prevailing Bitcoin UTXOs had been established. Every bar on the graph represents the Bitcoin in circulation that was final transferred inside a selected worth vary.
For the reason that bull run of 2021, when Bitcoin reached an all-time excessive of roughly $69,000, the proportion of whole provide sitting above $50,000 has decreased dramatically. As of Feb. 5, 2024, solely about 3.5% of Bitcoin’s provide sits on this worth bracket, down from round 13% as of Dec. 31, 2021. This information suggests a major sell-off over the previous 24 months, as Bitcoin went as little as $15,500 through the FTX collapse.
Concurrently, a noticeable consolidation is noticed across the $40,000-$44,000 worth vary, accounting for roughly 13% of the present whole provide. This means an accumulation part, the place buyers are holding onto Bitcoin in anticipation of a possible worth surge as a result of ETFs and an upcoming halving.
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