Bitcoin exchange users claw back bear market losses
According to Glassnode, which monitors the aggregate price at which coins left exchange wallets each year since 2017, $34,700 is the magic number for turning a profit on investment.
The last time BTC/USD traded above all the post-2017 cost basis lines was at the end of 2021.
“The average withdrawal price for Bitcoin investors across all yearly classes are now in profit,” Checkmate, Glassnode’s lead on-chain analyst, wrote in X (formerly Twitter) commentary about the data on Nov. 21.
“This model can be considered the ‘DCA cost basis’ for the average investor who started accumulating from 1-Jan of each year. Class of 2021 have the highest entry price at $34.7k.”
New realized price records flow in
Exchange withdrawal realized price adds another key line in the sand to the current BTC price range.
Meanwhile, James Van Straten, research and data analyst at crypto insights firm CryptoSlate, revealed a new all-time high for the total Bitcoin realized price — the complete acquisition cost of the BTC supply.
Short-term holders’ (STH) coins, which refer to the portion of the supply beyond exchanges that has moved in the past 155 days, now also have a higher acquisition cost than ever before.
The total realized price and STH realized price now stand approximately $10,000 apart, at around $20,930 and $30,460, respectively.
“This ascension emphasizes an increased probability of these coins being spent on a given day and signifies the influx of new investors, with a remarkable 3% surge being the highest since May 2023,” Van Straten wrote.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.