Traders snapped up nearly 600,000 BTC as bitcoin dipped below $70,000, blockchain data show

Glassnode data shows strong demand during bitcoin’s recent correction, with 200,00 BTC purchased over the past two weeks.

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What to know:

• Nearly 600,000 BTC were accumulated in the $60,000 to $70,000 range during bitcoin’s latest correction.
• Data from Checkonchain shows around 60% of the circulating supply, is currently in profit, implying about 40% has a cost basis above $70,000.

Bitcoin's BTC$70,816.15 recent dip triggered heavy trading activity, with nearly 600,000 BTC changing hands in the $60,000–$70,000 range, according to blockchain data tracked by Glassnode.

In other words, traders went bargain hunting, snapping up nearly 600,000 BTC ($42.48 billion) in this price band during the correction. Of these, more than 200,000 BTC were accumulated in the past two weeks alone.

Note that at the start of the year, roughly 997,000 BTC had last moved within the $60,000–$70,000 range. Since bitcoin’s recent drop below $70,000, that number has jumped to 1.558 million BTC.

Taken together, it means that nearly 8% of the circulating supply is owned by people who bought their bitcoin in this range, creating a dense cluster of ownership. As such, the $60,000–$70,000 range could act as an important support level going forward.

At press time, bitcoin changed hands above $70,000, trading at levels, which have previously seen thin trading activity. CoinDesk Research has previously highlighted the “air gap” between $70,000 and $80,000, a range where relatively little supply changed hands.

Still, the market is at a point where things could spice up, because analysis by Checkonchain shows that around 40% of bitcoin holders have paid more than $70,000 for their coins.

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A single crypto trader is sitting on a $194 million bet that bitcoin and ether will keep climbing

Whales on Hyperliquid are piling into leveraged bitcoin and ether longs as BTC rallies to $71K, fueling bets the cryptocurrency will break above $75,000.

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• One trader holds $194 million in BTC and ETH longs on Hyperliquid, while another account controls $103 million in leveraged positions across multiple crypto pairs.
• A wallet opened 20x leveraged longs worth $42.5 million in bitcoin and 20,000 $41.2 million in ether while also buying $21 million of ETH in spot markets.
• The surge in nine-figure leveraged positions signals traders are betting bitcoin will break above $75,000 after last week’s rejection near $74,000.

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