According to the latest data, Bitcoin (BTC) purchased on exchanges each year since 2017 is now, on average, in a profitable position. Glassnode, an on-chain analytics firm, compiled exchange withdrawal figures confirming that at $37,000, a user’s purchase is, on aggregate, “in the black.”
Bitcoin exchange users reclaiming bear market losses
When Bitcoin reclaimed $30,000 last month, it returned multiple investor cohorts to profit. However, the current prices are impacting BTC buyers who entered the market much earlier. Glassnode states that $34,700 is the magic number for turning a profit on investment based on the aggregate price at which coins left exchange wallets each year since 2017.
This means that anyone who withdrew Bitcoin from a major exchange since January 1, 2017, is up in dollar terms compared to the year of withdrawal, including those who purchased during Bitcoin’s last bull run year when the BTC/USD hit all-time highs of $69,000.
The last time BTC/USD traded above all the post-2017 cost basis lines was at the end of 2021, confirming that the average withdrawal price for Bitcoin investors across all yearly classes are now in profit. Checkmate, Glassnode’s lead on-chain analyst, mentioned this in a tweet about the data on November 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. As Cointelegraph reported, $39,000 is also an important profitability mark, reflecting the price at which 2021 bull market buyers on aggregate return to profit.
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 now also have a higher acquisition cost than ever before.
“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.