New data confirms that Bitcoin (BTC) purchased on exchanges every year since 2017 is now profitable on average.
compiled According to data from on-chain analytics firm Glassnode, exchange withdrawal data confirmed that users’ purchases amounted to $37,000 and were overall “profitable.”
Bitcoin exchange users recover bear market losses
Bitcoin profited several investor groups when it returned to $30,000 last month, but the current price is having an impact on BTC buyers who entered earlier.
According to Glassnode, which has monitored the total price of tokens leaving exchange wallets every year since 2017, $34,700 is the magic number for a profitable investment.
In other words, anyone who withdraws Bitcoin from a major exchange since January 1, 2017, will see the price increase in USD terms compared to the year of withdrawal.
This includes those who bought during Bitcoin’s last bull run, during which BTC/USD hit an all-time high of $69,000.
The last time BTC/USD traded above all post-2017 cost baselines was in late 2021.
“The average withdrawal price for Bitcoin investors across all annual categories is now profitable,” said Checkmate, chief on-chain analyst at Glassnode. wrote X (formerly Twitter) comments on November 21st data.
“For ordinary investors who start accumulating on January 1 of each year, this model can be regarded as the ‘DCA cost basis’. The entry price for 2021 graduates is a maximum of $34,700.”
Newly realized price records keep pouring in
Exchange withdrawal realization prices add another key line to the current BTC price range.
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According to Cointelegraph, $39,000 is also an important profit mark, reflecting the price of overall profit returns for bull market buyers in 2021.
The level also forms the lower end of popular analyst Credible Crypto’s pre-halving BTC price target range, which is up $50,000. The halving is due next April.
Meanwhile, James Van Straten, a research and data analyst at cryptocurrency insights company CryptoSlate, disclose The total realized price of Bitcoin (the total acquisition cost of BTC supply) hit an all-time high.
Short-Term Holder (STH) tokens, which refer to the portion of the supply that has moved off exchanges over the past 155 days, are also now more expensive to acquire than ever before.
Currently, the difference between the total realized price and the STH realized price is approximately US$10,000, which is approximately US$20,930 and US$30,460 respectively.
Van Straten wrote: “This increase highlights the increased likelihood that these tokens will be spent on a specific date and means an influx of new investors, with the 3% increase reaching the highest level since May 2023. “
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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