Bitcoin is all grown up. Look no further than the cost basis clusters mapped out in The Bitcoin Checkpoint report in recent news.
As of October 2025, more than one-third of the circulating Bitcoin supply carries a cost basis above $75,000, with 11.5% of all BTC now purchased over $110,000.
Forget the frantic, dollar-cost-average retail boom of years gone by, or the buy high, sell low rookie behavior.
Today, heavy clustering at these levels is the direct result of deep pockets piling in regardless of the BTC USD price.
When you count not only coins but the stored value behind them, the entire dollar picture tilts even further. 34.5% of the Bitcoin supply has now been acquired at a cost basis exceeding $75,000.
If we value each coin at the price it last moved on-chain, the numbers are even more incredible.
34.7% of the supply (6.91 million BTC) has a cost basis over $75,000, accounting for 70% of the stored value.
That reflects real conviction, not just memes about laser eyes. When two-thirds of all Bitcoin “invested wealth” is sitting north of $75,000, you’re looking at a market that has collectively accepted six-figures as the new normal.
Bitcoin News: Institutional Money Changes the Rules For Supply
If you’re still thinking this cycle is about retail euphoria, think again. The stampede into Bitcoin ETFs and corporate treasury allocations has fundamentally changed everything. As per the report:
When BlackRock’s IBIT ETF became the fastest ETF to hit $50 billion in AUM, taking just 227 trading days, it was no longer possible to say Bitcoin was a fringe asset.
Demand from institutional and corporate buyers has created a floor after floor in price. So what once looked overbought at $70,000 now looks like the base camp for long-term capital.
Choppy (BTC USD) Price Action, Chopsolidation, and Market Structure
The “chopsolidation” phenomenon (the frustrating, multi-month sideways grinds that define this bull market) is more than noise. The report nails it:
Major accumulators don’t panic sell. They scale in, absorb liquidity shocks, and anchor fresh price altitudes.
Even the wild, historic volatility of Bitcoin (BTC USD) has been tamed for now. Since 2023, realized volatility has been chopped down to a stable range between 35 and 60, less than half the peaks seen in prior cycles.
That’s the Wall Street effect, pure and simple. As institutional interest in Bitcoin expands, so too does the capacity for “sophisticated volatility capture strategies.”
Sentiment, Supply, and Market Conviction
Anyone still thinking Bitcoin is a turbo-charged casino chip should consider the following. The report states that the Realised Cap has recently crossed over $1 trillion.
This is the preferred measure of the total wealth Bitcoin (BTS USD) investors have entrusted to the protocol. This is a “genuine vote of confidence.”
Bitcoin long-term holders are sitting on $1.3 trillion in unrealised profit, with the average investor up 230% against their cost basis. That kind of buffer speaks volumes about just how strong sentiment has become.
Bitcoin News: Six-Figure Bitcoin Is the New Normal
Perhaps best of all, the six-figure BTC USD price now feels normal. According to the report, the constituents of the Bitcoin supply are also becoming increasingly complex.
It calls for analysis of ETFs, spot exchanges, public and private companies, sovereign nation-states, and, of course, the individual Bitcoiners who know Bitcoin best.
The era of $75,000 floor prices and multi-trillion dollar conviction isn’t something to debate anymore.
It’s on-chain, visible in black and orange, and now it’s a fundamental part of the Bitcoin narrative.
For investors, traders, and onlookers alike, it’s time to get used to these new altitudes because the checkpoint just became the launchpad.