Grayscale Sees Bitcoin Bottom Forming As Recent Buyers Return to Breakeven

TLDR

• Grayscale says Bitcoin’s recent buyers are back near breakeven at about $74,000.
• Bitcoin has risen nearly 20% since its February 5 low, according to Grayscale.
• Grayscale says buyer breakeven can reduce sell pressure and improve short-term sentiment.
• Strategy added 34,164 BTC and raised total holdings to 815,061 BTC by April 19.
• BitcoinTreasuries data place Strategy first among public companies by Bitcoin holdings.

Bitcoin’s recovery to the average cost of recent buyers is giving the market a fresh on-chain signal. Grayscale Research said blockchain data now point to a durable bottom, as Bitcoin trades near the $74,000 breakeven area for coins moved in the last one to three months.

The move matters because recent buyers often drive short-term selling during pullbacks. When those holders return to breakeven, forced selling tends to cool, while market mood often improves. Grayscale said that pattern can mark the first stage of a new bull cycle.

Recent buyers return to a key breakeven zone

Grayscale said Bitcoin bottomed near $63,000 on February 5 and has since climbed almost 20%. That rebound has lifted the asset back toward the average entry price of recent buyers.

The firm said the realized price for Bitcoin transacted over the last one to three months sits around $74,000. That means many newer holders are no longer underwater, which can change near-term trading behavior.

When traders are back at breakeven, panic selling usually starts to fade. As a result, the market often gets room to stabilize, even if price action remains uneven. Grayscale tied that setup to improving short-term sentiment.

Corporate demand adds support to the market setup

At the same time, corporate buying has continued in size. Strategy said it bought 34,164 BTC between April 13 and April 19 for about $2.54 billion.

That purchase pushed Strategy’s total holdings to 815,061 BTC. The company said its aggregate purchase cost now stands at about $61.56 billion, with an average price of $75,527 per coin.

BitcoinTreasuries data also place Strategy at the top of the public-company rankings. The site lists Strategy first with 815,061 BTC, ahead of Twenty One Capital and Metaplanet.

Why the $74K area now carries more weight

The $74,000 area now stands out as both an on-chain and market reference point. Grayscale views it as the line where recent buyers stop acting like distressed sellers.

That does not confirm a straight move higher from here. Still, it gives traders a clearer level to watch as Bitcoin tries to hold recent gains near the mid-$70,000 range. BitcoinTreasuries listed Bitcoin at $75,813 during its latest update, close to that zone.

For now, the setup is simple. Bitcoin has recovered enough to bring recent buyers back to breakeven, and Grayscale sees that shift as an early sign that a more durable bottom may already be in place.

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