BTC supply cluster near $63K signals volatility risk, analyst says

Bitcoin could see sharp price swings as sell-side supply has rapidly built up in the $62,000-$63,000 range, crypto analyst Murphy said on X. Murphy said the on-chain supply metric URPD shows a massive concentration at $63,000, with 890,000 BTC accumulated at that price level so far. Murphy added that such intense buying and selling around a single price band has not been seen since late 2025. Murphy said holdings in the $63,000 range would likely have already exceeded 1 million BTC if Coinbase had not locked up 550,000 BTC in the $83,000-$84,000 range. Murphy noted that 1 million BTC would equal 5% of circulating supply, and historically, when holdings at a single price level surpassed that scale, the market saw major volatility. Murphy said excessive concentration in short-term holdings sharply increases price sensitivity. Murphy pointed to late October 2022, just before the FTX collapse, when 1 million BTC had already accumulated around $19,000 and 870,000 BTC around $18,000. Combined, those two price bands accounted for 9.7% of circulating supply, Murphy said. Murphy added that a single event then acted as a trigger and, combined with a fragile holding structure, led to large-scale volatility. Murphy said the combined share of holdings in the current $62,000 and $63,000 ranges has already reached 8%.