Bitcoins [BTC] Net realized gain/loss deteriorated steadily as prices weakened from late January highs around $90,000. As the decline continued, realized losses increased across the market.
On February 6, net realized P/E fell by almost -$330 million, marking the most intense capitulation in the period, while Bitcoin’s price briefly approached the $63,000-$65,000 zone.
Source: Glassnode/X
After that, the selling pressure gradually started to decrease. The loss intensity started to decrease as the price stabilized and slowly recovered towards the $68,000-$70,000 range. Still, Realized losses have continued to dominate the benchmark – a sign that many holders were still abandoning their positions during rebound attempts.
At the same time, intermittent green spikes appeared as traders held on to gains during short rallies. For example, on February 25, realized profits exceeded $5 million per hour, while BTC briefly rose to $69,400.
However, that profit realization quickly absorbed the upside momentum. The price once again stalled below $70,000, strengthening the persistent resistance band. Until profit-taking subsides and trading volume strengthens, the market will likely remain compressed within the $66,000-$70,000 consolidation corridor.
URPD data shows dense BTC accumulation between $60,000 and $70,000
While profit-taking continues to limit momentum near $70,000, on-chain supply positioning revealed a deeper structural shift beneath the market. Entity-customized URPD facts highlighted a dense concentration of Bitcoin accumulation within the $60,000-$70,000 corridor.
Initially, supply distribution appeared relatively fragmented below $60,000 – evidence of previous market gyrations during the broader correction. However, accumulation soon increased sharply as prices approached the mid-cycle pullback zone.
Source:
The largest concentration seemed to be between $63,000 and $64,000, with holdings expanding to almost 850,000 BTC. This increase could be a sign of aggressive dip buying as market participants absorbed supply during the recession. As the pullback stabilized, this zone emerged as a dominant liquidity cluster.
Beyond that level, additional tiers of supply can be seen between $65,000 and $69,000, with various ranges exceeding 200,000 BTC. These clusters could also reinforce the broader demand structure that is forming beneath price.
As a result, the recent correction redistributed supply among stronger hands. With over 400,000 BTC accumulated between $60,000 and $70,000, this region is now increasingly functioning as a structural base of support for Bitcoin.
Coinbase Premium Turns Positive as US BTC Demand Reemerges
Finally, as accumulation strengthened in the $60,000 to $70,000 corridor, demand signals from US markets also began to reemerge. The Coinbase Premium Gap recently turned positive, reaching +14.7% on February 27, after almost four months of persistently negative figures.
Previously, the premium was very negative, sometimes approaching -200, while the price of Bitcoin gradually fell to $67,900. This phase reflected weaker U.S. spot market demand versus global stock markets.
Source: CryptoQuant
However, the latest positive shift could be a sign that buyers on Coinbase are once again paying higher prices. Historically, similar premiums preceded Bitcoin’s rise from under $100,000 to nearly $125,000 in October-November 2024.
Still, several short-lived green peaks have appeared since late 2024. Therefore, lasting confirmation requires three to five consecutive positive sessions. This would indicate stronger institutional participation, rather than another brief revival in demand.
Final summary
- Bitcoins [BTC] The realized capitulation has cooled since the -$330 million loss peak, but BTC’s momentum remains limited.
- A dense accumulation of $60,000-$70,000, accompanied by a returning Coinbase Premium, potentially positions BTC for structural support.