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The on-chain analytics firm Glassnode has explained how the Bitcoin investor Cost Basis Distribution could highlight this level as an important one.
A Notable Amount Of Bitcoin Has Cost Basis At $106,600
In a new post on X, Glassnode has talked about the Bitcoin Cost Basis Distribution for the levels nearby to the current spot price. The “Cost Basis Distribution” (CBD) here refers to an on-chain indicator that tells us about how much of the asset’s supply was purchased at what price levels.
Below is the CBD chart shared by the analytics firm that shows the data related to price levels above $101,500.
As is visible in the graph, the Bitcoin price levels near to the all-time high (ATH) aren’t too dense with supply, meaning that not a lot of buying took place there and many investors who did buy there already capitulated.
A level that immediately stands out, however, is $106,600, where holders last purchased around 31,000 BTC. According to Glassnode, this particular supply cluster originated on the 16th of December. The owners of these tokens have held tight through all the volatility that has emerged since then.
Generally, large supply walls that are situated at levels higher than the spot price can act as probable points of resistance in the near future, as underwater investors can be desperate for the asset to return to their break-even level so that they can just exit with all their capital back.
From the chart, it’s apparent that Bitcoin’s sharp burst of bullish momentum earlier had its price close in on this level and it did find a rejection around there. The source of the resistance wasn’t selling from the underwater holders who purchased at $106,600, however, as the supply cluster is still holding strong.
It would appear that the owners of these tokens may be quite the resolute hands, as they are still waiting patiently even though the cryptocurrency is offering them an opportunity to sell. The analytics firm has noted that this could make the level an important one to watch in the short term.
In some other news, cycle analyst Root has shared in an X post how the institutional Bitcoin exchange-traded fund (ETF) holdings have changed this year.
As displayed in the above chart, the institutional ETF holdings fell during the first quarter of the year. “Institutional Bitcoin holdings dropped 10% in Q1 2025, the impact of de-risking during tariff and trade war uncertainty,” notes the analyst.
BTC Price
At the time of writing, Bitcoin is floating around $105,200, up almost 3% in the last week.
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
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