TechFlow news, on February 28, according to Glassnode analysis, by tracking the Bitcoin cost basis distribution over the past six months, key accumulation and redistribution trends have emerged, providing insights into investor positioning during the recent sell-off.
Data shows strong accumulation of Bitcoin in the $60K–$67K range from last September to October. Addresses within this cost basis are still holding, with their Bitcoin supply remaining visible. A step-like pattern indicates that these addresses continued accumulating Bitcoin from November through February, with some investors still raising their cost basis, reflecting ongoing market participation.
From late December last year to February this year, strong accumulation occurred in the $96K–$98K range. Although some addresses in these price bands are now redistributing their Bitcoin, the supply cluster remains highly concentrated, which could form significant resistance if prices return to these levels.
The one-month view reveals some Bitcoin distribution in the $96K–$98K range, particularly among coins accumulated in the past week and early February. Arrows indicate investors who bought in September/October are active here, either raising their cost basis or continuing to accumulate. The one-week view shows a new demand cluster emerging between $84K–$92K. The key question now is whether there is sufficient demand at these levels to absorb selling pressure.
