Bitcoin experienced heavy liquidity outflows between October 2025 and February 2026, before experiencing a rebound in March and April that largely restored positive sentiment around the asset.
However, that relief rally proved short-lived, just like Bitcoin [BTC] fell back on a downward path in May and has maintained the same structure since the beginning of June.
Market activity now appears decidedly subdued, and the threat of a deeper decline continues to grow. But under that pressure, Bitcoin may have quietly created a key support zone – one that could close the path to further decline and reshape how the asset performs from here.
Bitcoin accumulation wall takes shape
A recent report from Checkonchain indicates that Bitcoin may have built a substantial support wall in the region of $60,000 to $70,000 based on supply distribution.
According to the findings, 20% of Bitcoin’s circulating supply has changed hands within that range, creating a meaningful accumulation floor for the asset. The supply distribution itself maps how ownership of Bitcoin has changed hands over time.
Pseudonymous CryptoQuant market analyst Darkfost describes the development as a major shift among the group of investors now driving the market.
“This is certainly one of the largest transfers from weak hands to strong hands that BTC has ever seen.”
He added that the chart still fails to capture the full picture, as Bitcoin’s recent Coinbase moves near the $85,000 mark have distorted the asset’s broader prospects.
Bitcoin holders aren’t helping
Increasing pressure continues to weigh on Bitcoin, and the consequences of this level are already visible across the market. Long-term holders (LTHs) have been steadily unloading their coins.
The Bitcoin Binary CDD (Coin Days Destroyed) is currently registering a value near 1, a signal that long-dormant coins are on the move again and this group of holders has tilted firmly bearish.
The Spent Output Profit Ratio (SOPR) provides another insight into holder behavior, measuring whether holders are selling their Bitcoin above or below the price they paid for it.
At the time of writing, Bitcoin’s SOPR is below 1, with an exact value of 0.994, meaning sellers are taking a loss on these trades and adding to the losses already weighing on the market.
Notably, the SOPR is getting closer to 1 and could trade above that soon. A clear break above that threshold would indicate that investors have returned to profits, lending further weight to a bullish shift in the price outlook.
Bitcoin reserves fall lower
Currency reserve data shows a steady decline in the amount of Bitcoin now available on trading platforms.
At the time of writing, the value of Bitcoin held on exchanges has fallen by approximately $2 billion in the two weeks from June 4, to a low of $240.3 billion.
A continued decline would strengthen the argument that there are fewer coins on exchanges ready to be sold, which would strengthen the argument that Bitcoin would maintain the level at which it is currently trading.
Final summary
- Much of Bitcoin’s supply has quietly entered the hands of long-term holders, creating a floor that could slow further price declines.
- Coins are still selling at a small loss for now, but the moment when sellers make a profit again would mark a meaningful shift.