BITCOIN URPD · SUPPLY BY COST BASIS
Where did people buy their Bitcoin?
Every coin remembers the price it last changed hands at. Put all of them on one ladder and the crowds show up as bright bands: the prices where the most Bitcoin sits.
Where every Bitcoin was last bought
This view uses 5,750 observed dates from 1 Jan 2011 to 28 Sep 2026, across prices from $22 to $133K. Each date has 20 equal groups of Bitcoin between 21 price boundaries. Brighter areas mean the same-sized group fits inside a narrower price range. The white price line uses 5,750 dated readings in this view.
Inspect a date
Choose a custom date range
Both controls stop only on observation dates already used by the chart.
Each column is one day and the vertical axis is price. Bright bands mark where the most Bitcoin was sitting across that stretch of price, and the white line is the price itself over time. Brightness here is coins per band of the chart, so a wide band can glow brightly without being the most tightly packed. Pick a timeframe or drag across the chart to zoom into any stretch, and point at it to read the price at your cursor.
Has the price usually sat above its nearest owners?
Of the coins bought within 20% of the price, the share bought below it, every settled day since 31 Jan 2011. Above the halfway line most of the owners nearest the price are sitting on a gain, so more of the nearby coins sit under it as a floor than over it as a ceiling. Below the line it is the other way round. Each day uses that day’s own closing price, so the line moves when the price moves as well as when the coins do.
Inspect and compare dates
Pick two to four dates and read this chart’s values side by side.
| Measure | Change | ||
|---|---|---|---|
| Bought below the price | 56.6% | 51.7% | −4.94 points |
| Price against what they paid | +2.74% | +1.25% | −1.5 points |
Right now
There is a thick ceiling close above.
The most tightly packed crowd above the price sits between $84,294 and $88,256, about 3.4% overhead. That much Bitcoin bought just above tends to slow a climb, because owners who have waited to get their money back often sell once the price reaches what they paid.
The price these readings use
Every reading here is measured against Bitcoin’s close on 28 Sep 2026, $83,463.
The coins are counted for the same day, so the dot at the end of the chart sits on the white line, which follows each day’s close.
The thickest walls
The thickest wall below runs from $63,607 to $66,041, 22.3% under the price, where 1M BTC last moved. The thickest above runs from $84,294 to $88,256, 3.4% over it, where 1M BTC last moved.
Each band on the ladder holds the same 5% of all Bitcoin, so what makes one a wall is how narrow it is. These two are the most tightly packed band on their own side of the price. The band the price sits in is left out, and so is any band that tops out under a tenth of the price.
The whole ladder
The 20 bands for 28 Sep 2026 run from $0 up to $125,650, the highest price any coin last changed hands at. Each holds 5% of all Bitcoin.
Show all 20 bands
| Price band | Bitcoin | Share of all Bitcoin | Against the price | Bitcoin per dollar |
|---|---|---|---|---|
| Under 1 cent | 1,004,531 | 5% | Below | More than 12,035.69 |
| $0 to $3 | 1,004,531 | 5% | Below | More than 12,035.69 |
| $3 to $389 | 1,004,531 | 5% | Below | 2,602.41 |
| $389 to $3,590 | 1,004,531 | 5% | Below | 313.82 |
| $3,590 to $9,013 | 1,004,531 | 5% | Below | 185.24 |
| $9,013 to $16,973 | 1,004,531 | 5% | Below | 126.2 |
| $16,973 to $29,213 | 1,004,531 | 5% | Below | 82.07 |
| $29,213 to $43,553 | 1,004,531 | 5% | Below | 70.05 |
| $43,553 to $60,270 | 1,004,531 | 5% | Below | 60.09 |
| $60,270 to $63,607 | 1,004,531 | 5% | Below | 301.03 |
| $63,607 to $66,041Thickest wall below | 1,004,531 | 5% | Below | 412.71 |
| $66,041 to $70,935 | 1,004,531 | 5% | Below | 205.26 |
| $70,935 to $77,644 | 1,004,531 | 5% | Below | 149.73 |
| $77,644 to $82,845 | 1,004,531 | 5% | Below | 193.14 |
| $82,845 to $84,294 | 1,004,531 | 5% | The price is inside it | 693.26 |
| $84,294 to $88,256Thickest wall above | 1,004,531 | 5% | Above | 253.54 |
| $88,256 to $95,433 | 1,004,531 | 5% | Above | 139.97 |
| $95,433 to $105,080 | 1,004,531 | 5% | Above | 104.13 |
| $105,080 to $111,830 | 1,004,531 | 5% | Above | 148.82 |
| $111,830 to $125,650 | 1,004,531 | 5% | Above | 72.69 |
Bitcoin per dollar is how tightly a band packs its coins: the coins in it for each dollar of its width. The narrower the band, the higher the figure.
The narrowest bands are counted as wider than they are, so their figure is the least it could be and reads “More than”.
Coins worth more than they cost
On 28 Sep 2026, 70.9% of all Bitcoin was worth more than the price it last changed hands at.
That is the exact share for that day, counted coin by coin at that day’s price rather than read off the twenty bands. It is not measured against the $83,463 the walls use.
What the whole network paid
Across every coin, the average price paid is $53,553.
One number for the whole ladder, each coin counted at the price it last changed hands. It moves slowly, because it changes only as coins move or new ones are mined.
Owners near the price
19.4% of all Bitcoin was last bought within 10% of $83,463, and 31.7% within 20%.
The owners within 10% are close to breaking even, so they react fastest when the price moves. The wider circle is the owners whose gain or loss is still small either way.
Ahead, or waiting to break even
Of the coins last bought within 20% of the price, 52% were bought below it and 48% above it. On average they paid $82,436, and $83,463 is 1.2% above that.
The ones bought below are sitting on a small gain, and if the price falls back to what they paid, many of them buy again, which is what turns a crowd of owners into a floor. The ones bought above are still waiting to get their money back, and as the price climbs toward what they paid, many of them sell, which is what turns a crowd into a ceiling. The circle is every coin whose last move was within 20% of the price, either way, which is 31.7% of all Bitcoin: the owners a move of a few percent actually reaches. Which side they sit on describes where the coins are, not where the price goes.
Who is holding them
Held for more than roughly five months: 82.6% of all Bitcoin, 16.6M BTC, middle coin bought at $48,373. Bought within roughly the last five months: 17.4% of all Bitcoin, 3.5M BTC, middle coin bought at $76,667.
The same pile, split by how long its coins have been held, counted for 28 Sep 2026. The longer-held group’s middle coin was bought cheaper, so it sits further below the price and would take a bigger fall to reach.
Where recent buyers paid
Of the coins bought within roughly the last five months, 90% were bought between $61,672 and $85,203. The middle coin was bought at $76,667, and $83,463 sits inside that stretch.
Show all 21 rungs
| Share of the group | Price paid |
|---|---|
| The cheapest | $58,239 |
| 5% bought below | $61,672 |
| 10% bought below | $62,802 |
| 15% bought below | $63,021 |
| 20% bought below | $63,425 |
| 25% bought below | $63,869 |
| 30% bought below | $64,386 |
| 35% bought below | $64,580 |
| 40% bought below | $66,025 |
| 45% bought below | $73,294 |
| Half bought below | $76,667 |
| 55% bought below | $77,156 |
| 60% bought below | $77,720 |
| 65% bought below | $78,633 |
| 70% bought below | $79,455 |
| 75% bought below | $80,450 |
| 80% bought below | $82,812 |
| 85% bought below | $83,312 |
| 90% bought below | $84,149 |
| 95% bought below | $85,203 |
| The dearest | $87,029 |
The cheapest and the dearest are single coins, so they can sit a long way from the rest of the group. The stretch in the reading above leaves both out.
That group holds 17.4% of all Bitcoin, 3.5M BTC, counted for 28 Sep 2026. The stretch leaves out the cheapest and the dearest coins at each end, where a single coin can sit a long way from the rest of the group. Where the price sits against it says where the coins are, not where the price goes next.
What the middle dollar paid
Add up what every coin cost when it last changed hands, and half of that money is in coins bought above $84,187, half in coins bought below. The price these readings use, $83,463, is below that, so the middle dollar is behind.
Every number above counts coins, where a coin bought for $100 and a coin bought for $100,000 count the same. Counting money instead answers a different question, and it can answer it the other way round. On 28 Sep 2026, the average coin worth more than it cost was bought at $35,172. Counted by money, where a coin that cost more counts for more, it is $62,067.
What would change this read
These walls move slowly. When the price pushes through a thick band and holds there, the coins inside it gradually change hands and the wall rebuilds around the new price. A wall that thins out without the price moving means those owners gave up and sold along the way.
Each band holds exactly 5% of all Bitcoin, so the chart shows where owners are packed tightest, not exact prices. Watch the walls nearest the price: they are where the next move meets the most owners.
Understanding
Bitcoin URPD (Supply by Cost Basis)
Where it stands today
Below today's price, the most tightly packed group of Bitcoin owners paid around $64.8K as of .
What does this map show?
Every Bitcoin on the blockchain carries a record of the price it last moved at, which is a good stand-in for what its current owner paid. Line all the coins up by that price and you get a map of where today’s owners actually bought. Analysts call it a UTXO Realized Price Distribution, or URPD.
How do you read the chart?
This view shows that map for every day at once. Each column is one day, the up-and-down axis is price, and the bright bands are the prices where the most Bitcoin was sitting, walls of owners. The white line running through it is the price itself over time, so you can see the walls form as it climbs.
Why do the walls matter?
The walls matter because owners tend to defend the price they paid: people in profit often buy again if the price falls back to their cost, and people who waited underwater often sell the moment they break even. A bright band that has glowed steadily for years is a deep base of long-term owners; a fresh band building around today’s price is where the current fight is happening. Traders call a price area like this support when it sits below the price and resistance when it sits above. It is the same idea as a floor and a ceiling.
How exact is it?
Because each band groups a slice of the supply, this is a map of neighborhoods rather than exact addresses: it shows where owners are packed tightest, not a precise line. It updates every day as coins move and the bright bands slowly rebuild around new prices.
What are the readings about the nearest owners?
Two of the readings above zoom in on the owners closest to the price: the coins that last moved within 20% of it, either way. They get split into the ones bought below the price, who are sitting on a small gain, and the ones bought above it, who are still waiting to break even, and the price is compared with what that nearby group paid on average. Both readings state the circle they use, so you can check them against the map rather than take them on trust, and both are drawn from the same daily record, so the chart of their history runs back to 2011.
Source: Built from where every Bitcoin last changed hands, grouped into twenty bands that each hold 5% of all the coins. The white line is Bitcoin’s daily close. Reading for .