Bitcoin

<h2 id="quick-take">Quick Take</h2>
<p>Recent <em>CryptoSlate</em> analysis revealed a significant shift in the crypto market sentiment influenced by profitable <a href="https://cryptoslate.com/coins/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> withdrawals from exchanges.</p>
<p>The average withdrawal prices for cohorts categorized by date paint an intriguing picture of the market-wide cost basis. The all-time average withdrawal price stands at $12,003, escalating gradually with every passing year and reaching $34,706 in 2021. A noteworthy observation is this is the first instance since October 2021 that all yearly cohorts have been in profit.</p>
<table>
 <thead>
  <tr>
   <th>Year</th>
   <th>Realized Price</th>
  </tr>
 </thead>
 <tbody>
  <tr>
   <td>All-time</td>
   <td>$12,003</td>
  </tr>
  <tr>
   <td>2017+</td>
   <td>$16,109</td>
  </tr>
  <tr>
   <td>2018+</td>
   <td>$19,540</td>
  </tr>
  <tr>
   <td>2019+</td>
   <td>$22,590</td>
  </tr>
  <tr>
   <td>2020+</td>
   <td>$26,693</td>
  </tr>
  <tr>
   <td>2021+</td>
   <td>$34,706</td>
  </tr>
  <tr>
   <td>2022+</td>
   <td>$27,001</td>
  </tr>
  <tr>
   <td>2023</td>
   <td>$27,198</td>
  </tr>
 </tbody>
</table>
<p style="text-align: center; font-size: small;">Table showing the realized price for cohorts categorized by date from 2017 to 2023 (Source: Glassnode)</p>
<p>The 2021 cohort, which previously realized a price of almost $50,000, has successfully dollar-cost averaged its realized price to $34,706. This indicates a strategic shift from unrealizing or realizing losses to recording profits or unrealized profits. This trend has resulted in a massive transformation in market sentiment, with holders now more inclined towards profit-taking.</p>
<figure id="attachment_372828" aria-describedby="caption-attachment-372828" style="width: 100%" class="wp-caption aligncenter">
 <figcaption id="caption-attachment-372828" class="wp-caption-text">
  Graph showing the average exchange withdrawal price for yearly cohorts from January 2019 to November 2023 (Source: Glassnode)
 </figcaption>
</figure>
<p>Despite Bitcoin’s significant leap to $38,000 on Nov. 9, only $1 billion of profit was realized. This may seem marginal compared to the bull market of 2021, but consistent profit-taking over the past few weeks suggests that investors’ appetite for higher gains remains strong.</p>
<figure id="attachment_372829" aria-describedby="caption-attachment-372829" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-372829 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/orofit.png" alt="Net Realized Profit/Loss: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/orofit.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/11/orofit-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/orofit-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/orofit-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/11/orofit-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-372829" class="wp-caption-text">
  Graph showing Bitcoin’s Net Realized Profit/Loss in 2023 (Source: <a href="https://studio.glassnode.com/metrics?a=BTC&amp;m=indicators.NetRealizedProfitLoss&amp;s=1672527600&amp;u=1699620457&amp;zoom=ytd" rel="noopener noreferrer nofollow">Glassnode</a>)
 </figcaption>
</figure>
<p>The post <a href="https://cryptoslate.com/insights/all-cohorts-are-in-profit-for-the-first-time-since-october-2021/" rel="noopener noreferrer nofollow">All Bitcoin cohorts are in profit for the first time since October 2021</a> appeared first on <a href="https://cryptoslate.com" rel="noopener noreferrer nofollow">CryptoSlate</a>.</p>

All Bitcoin cohorts are in profit for the first time since October 2021

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