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Fast Take

The UTXO Realized Value Distribution (URPD) metric by Glassnode presents a snapshot of the costs at which the present Bitcoin UTXOs had been established. Every bar on the graph represents the Bitcoin in circulation that was final transferred inside a specific value vary.

For the reason that bull run of 2021, when Bitcoin reached an all-time excessive of roughly $69,000, the share 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 value 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 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 whole provide. This means an accumulation section, the place buyers are holding onto Bitcoin in anticipation of a possible value surge because of the ETFs and an upcoming halving.

The publish Dramatic lower in Bitcoin provide above $50,000 appeared first on CryptoSlate.

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