Data from Glassnode shows that the current Bitcoin price is where the cost basis of a large number of coins lies. Here’s what this means.
780,000 BTC Was Acquired Near The Current Spot Prices
According to data from the on-chain analytics firm Glassnode, 4.6% of the entire circulating Bitcoin supply has its acquisition price near the current spot prices of the asset.
The relevant indicator here is the “entity-adjusted UTXO Realized Price Distribution (URPD),” which, in simple terms, tells us about how the cost basis of the investors is distributed right now.
The cost basis here refers to the price at which they bought their coins, so this distribution shows us at which price how many coins were acquired by the holders.
Note that this indicator has been adjusted for entities, meaning that all internal movements between the wallets owned by a single investor are removed from this data (an “entity” refers to a collection of addresses that Glassnode has identified to belong to the
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