Bitcoin Supply Cluster Sparks Volatility Warning

Crypto analyst Murphy has identified a significant build-up of sell-side supply in the $62,000-$63,000 range for Bitcoin. The URPD (UTXO Realized Price Distribution) metric reveals that over 890,000 BTC have been accumulated at this price level. This intense buying and selling around a single price band is unprecedented since late 2025.

Murphy notes that the holdings in the $63,000 range would likely exceed 1 million BTC if not for Coinbase's locked-up 550,000 BTC in the $83,000-$84,000 range. Historically, when holdings at a single price level surpassed this scale, major volatility ensued.

The analyst points to late October 2022, just before the FTX collapse, when 1 million BTC had accumulated around $19,000 and 870,000 BTC around $18,000. Combined, those two price bands accounted for 9.7% of circulating supply. Currently, the combined share of holdings in the $62,000 and $63,000 ranges has already reached 8%, approaching levels seen in that historical episode.