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© 2026 The Markets Unplugged · Data in. Conviction out. - Published with Ghost & Aspect

Bitcoin Cost-Basis Heatmap… Where Dips Get Absorbed Between $93k and $110k

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    Doc Doc
    On-chain and alt-sector research at The Markets Unplugged. Creator of the Bitcoin Barometer, Ethereum Barometer, Alt Sector Radar and ETH Rotation Index. Host of the Crypto Unplugged podcast.
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  • September 18, 2025
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Bitcoin Cost-Basis Heatmap… Where Dips Get Absorbed Between $93k and $110k
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Overview

Bitcoin sits around $117k. I want to map where realised cost concentrates, because that is where liquidity tends to appear on drawdowns. The Unspent Realised Price Distribution (URPD) shows where coins last changed hands… the age-band realised price distribution reveals which cohorts own which prices… and HODL Waves give the backdrop for how much of supply is long-tenured. Together they form a practical map of absorption versus air.

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Doc Doc
On-chain and alt-sector research at The Markets Unplugged. Creator of the Bitcoin Barometer, Ethereum Barometer, Alt Sector Radar and ETH Rotation Index. Host of the Crypto Unplugged podcast.
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