The UTXO Realized Price Distribution (URPD), a metric for indicating the percentage of BTC supply across a specified market price, indicated 8% of the Bitcoin supply was bought between $15,500 and $17,000, according to data analyzed by CryptoSlate.

An interpretation is determined by averaging the cost of acquiring Bitcoin holdings, with which the analysts arrive at the volume of holders facing either unrealized loss or unrealized profits. By deriving unrealized loss, it’s easy to predict at what point buyers of a specified price range are more likely to sell or continue accumulating. 

(by Richard Adrian)