Bitcoin nearly reached $69,000 in November. New data shows that most who bought at the top of the market have since sold. It’s been almost four months since Bitcoin nearly touched $69,000—an all-time high—and, according to a new report, it now appears that most top-of-the-market buyers have since unloaded their coins. According to on-chain analytics provider Glassnode, more than half of the coins once bought for about $60,000 have since been resold for about $35,000 to $38,000. Meanwhile, multiple indicators showed remarkably strong hands from long-term holders, even in the face of geopolitical conflict.
The Glassnode report zoomed in on Bitcoin’s UTXO Realized Price Distribution (URPD) on significant dates last year, comparing them to today. URPD essentially tracks the prices at which existing Bitcoin last moved on-chain. This data can be useful for identifying how many buyers profited—or find themselves underwater.
For example, on May 10, Bitcoin URPD was highly concentrated in the $54,000 to $60,000 range, followed by a massive price drop, which Glassnode described as a “weak hand to strong hand distribution event,” meaning newer buyers were selling to more experienced holders.