Traders Snap Up Nearly 600,000 BTC as Bitcoin Dips Below $70,000

Traders aggressively accumulated bitcoin as prices dipped below $70,000, creating a concentrated ownership band that could influence near‑term price action.

“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”

@coindesk

CoinDesk reported that traders bought heavily in the $60,000–$70,000 range during the recent correction, citing on‑chain data from Glassnode that shows nearly 600,000 BTC (about $42.5 billion) accumulated there.

@coindesk

CoinDesk added that more than 200,000 of those coins were bought in the past two weeks.

On-chain movement shows the $60k–$70k band has become a material custody zone.

CoinDesk reported that holdings that last moved in the $60k–$70k band rose from ~997,000 BTC at the start of the year to ~1.558 million BTC now, roughly 8% of circulating supply.

CoinDesk

CoinDesk said that this ownership concentration — a dense cluster of holdings bought in that range — could act as a potentially important support zone.

CoinDesk reiterated the scale of the shift, noting the jump from ~997,000 to ~1.558 million BTC.

On-chain data from Checkonchain shows about 60% of circulating BTC is currently in profit.

“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”

@coindesk

The same data implies roughly 40% of supply has a cost basis above $70,000, meaning those coins are underwater.

CoinDesk cited Checkonchain’s analysis and said this roughly 60/40 split could influence selling pressure and has been framed as a meaningful dynamic for near-term price resilience.

Price action and positioning point to elevated near-term volatility.

Bitcoin rebounded above $70,000 into a relatively thinly traded $70k–$80k band, leaving an 'air gap' that could amplify moves.

CoinDesk

CoinDesk noted bitcoin was trading back above $70,000 and moving into a previously thinly traded 'air gap' between $70k and $80k, and similarly warned this price band could make near-term action more volatile.

CoinDesk also highlighted active market positioning: large leveraged longs and a single trader holding a ~$194 million bet on BTC/ETH gains signal elevated risk appetite and potential for rapid swings.