On-chain analytics reveal that approximately 50% of Bitcoin’s circulating supply was last transferred at prices above $59,000. This figure reflects the cost basis of a significant portion of coins and serves as a key reference for holder behavior around this price level.
Cost Basis and Holder Implications
The 50% supply figure pertains to the last on-chain movement of coins rather than the current trade price. In other words, half of the Bitcoin supply changed hands when the price was at or above $59,000. This threshold is important because it aligns with price levels seen during Bitcoin’s push over $60,000.
Holders whose coins have a cost basis near $59,000 are near their break-even points. When Bitcoin’s market price revisits such levels, these clusters can influence market dynamics: they may act as support if holders defend their positions or as resistance if they sell to avoid losses.
Market Participation and Demand Signals
The significant volume of supply moving above $59,000 suggests active participation by newer buyers at elevated prices. This may indicate fresh demand absorbing coins from previous holders at those price points. However, this distribution also reflects ongoing redistribution among market participants.
This on-chain insight adds context to recent price movements above $60,000 and potential liquidation triggers, as discussed in related coverage.
Information presented is for informational purposes and does not constitute financial advice.
