BTC — Glassnode: Bitcoin sits at the lower bound of the new buyers' cost basis range ($60k–$70k).
On-chain data shows a notable cluster of supply has accumulated in this band, with over 429,000 $BTC acquired between $60,000 and $70,000 since early 2025 — representing roughly 8% of non-exchange circulating supply and a 43% increase in that cost basis range.
This zone has acted as a key demand area during the recent consolidation and drawdown phase.
However, the current accumulation cluster remains thinner and less dense compared to historical analogs that preceded strong recoveries in previous cycles.
The setup appears constructive in structure, with new buyers stepping in at these levels, but the magnitude of buying still lacks the conviction seen at major cycle bottoms.