Bitcoin nearly reached $69,000 in November. New data shows that most who bought at the top of the market have since sold.

Bitcoin’s recent price drop

It 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 been resold for about $35,000 to $38,000.

UTXO Realized Price Distribution (URPD)

The Glassnode report zoomed in on Bitcoin’s 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.

Distribution patterns

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.

Market dynamics

When Bitcoin returned to similar highs in November, URPD was more evenly distributed around the $35,000, $47,000, and $