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