Bitcoin sees 400K BTC cost basis at $60k–$70k, Glassnode

Glassnode data indicates a tentative $60k–$70k support zone, not a floor

More than 400,000 BTC were accumulated between $60,000 and $70,000 during Bitcoin’s latest downturn, based on data from Glassnode. The supply held in this price band increased from roughly 997,000 BTC at the start of the year to about 1.43 million BTC, representing more than 8% of non-exchange circulating supply. This concentration suggests a sizable cohort now shares a similar cost basis.

In market microstructure terms, a dense cost-basis “cluster” can cushion declines as recent buyers are incentivized to defend entries, but it does not guarantee a floor. If price trades materially below the lower end of the band, unrealized losses can grow quickly and some holders may de-risk, potentially turning support into supply.

What the $60k–$70k cost-basis cluster means for volatility and risks

A large share of coins anchored to a narrow range can reduce one-way momentum, yet it can also amplify swings if that band fails decisively. Volatility remains elevated, and sharp moves through clustered cost bases often trigger reactive selling or short covering as positions are repriced.

The same zone can flip into resistance if price rebounds into it after a breakdown, as previously underwater holders may seek to exit at breakeven. Traders often monitor realized-price distributions and short-term holder behavior around such bands to gauge whether liquidity will absorb stress or accelerate it.

At the time of this writing, Bitcoin hovered near $65,484 with sentiment screens reading bearish, a 10.41% “very high” volatility gauge, and spot trading below commonly watched moving averages (e.g., SMA50 near $80,464 and SMA200 near $98,721). These readings neither confirm nor negate support; they frame the near-term balance of risks around the same $60k–$70k cluster identified on-chain.

Institutional context: Saylor’s treasury buys, ETF flows, Bitwise views

Strategy Inc. (formerly MicroStrategy) marked its 100th Bitcoin purchase, adding 592 BTC for about $39.8 million and lifting its holdings to roughly 717,722 BTC, as reported by Simply Wall St. The firm funded the buy via at-the-market equity issuance, which increases balance-sheet BTC exposure while diluting existing shareholders, an approach that can reinforce spot demand but also changes per-share economics.

U.S. spot Bitcoin ETFs have posted multiple consecutive weeks of net outflows totaling about $3.8 billion, according to Coinperps. Persistent outflows can weaken the reflexive bid that supported prior advances, making any cost-basis support more sensitive to shocks if passive demand does not reaccelerate.

Against that backdrop, an explicit long-horizon stance from corporate treasuries continues to feature in market narratives. “We will buy bitcoin every quarter forever,” said Michael Saylor, Executive Chairman of Strategy Inc., underscoring a programmatic approach to accumulation irrespective of drawdowns.

Some asset managers frame the sub-$70,000 zone as a strategic entry window for allocators who missed earlier inflows. Bitwise CEO Hunter Horsley characterized the dip below $70,000 as a generational accumulation opportunity, as reported by BTCC. Views like these can bolster confidence in the $60k–$70k range, but the durability of any support is likely to depend on whether institutional flows stabilize alongside the on-chain cost-basis cluster.