![Dramatic decrease in Bitcoin supply above $50,000](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2024/02/URPD-2021.png&w=70&h=37&q=75)
Quick Take
The UTXO Realized Price Distribution (URPD) metric by Glassnode offers a snapshot of the prices at which the existing Bitcoin UTXOs were established. Each bar on the graph represents the Bitcoin in circulation that was last transferred within a particular price range.
Since the bull run of 2021, when Bitcoin reached an all-time high of approximately $69,000, the percentage of total supply sitting above $50,000 has decreased dramatically. As of Feb. 5, 2024, only about 3.5% of Bitcoin’s supply sits in this price bracket, down from around 13% as of Dec. 31, 2021. This data suggests a significant sell-off over the past 24 months, as Bitcoin went as low as $15,500 during the FTX collapse.
![URPD 31 Dec 2021: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2024/02/URPD-2021.png)
Concurrently, a noticeable consolidation is observed around the $40,000-$44,000 price range, accounting for approximately 13% of the current total supply. This indicates an accumulation phase, where investors are holding onto Bitcoin in anticipation of a potential price surge due to the ETFs and an upcoming halving.
![URPD 05 Feb 2024: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2024/02/URPD.png)