Bitcoin

James

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 Bitcoin is busy setting records for various investor cohorts as BTC price strength keeps a longer-term recovery in place.
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<div class="cointelegraph">
 <p>Bitcoin (BTC) bought on exchanges every year since 2017 is now on average in profit, the latest data confirms.</p>
 <p>Compiled by on-chain analytics firm Glassnode, exchange withdrawal figures confirm that at $37,000, a user's purchase is on aggregate “in the black.”</p>
 <h2 id="bitcoin-exchange-users-claw-back-bear-market-losses">Bitcoin exchange users claw back bear market losses</h2>
 <p>Bitcoin returned multiple investor cohorts to profit&nbsp;when it retook $30,000 last month, but current prices are having an impact on BTC buyers who entered much earlier.</p>
 <p>According to Glassnode, which monitors the aggregate <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> at which coins left <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> wallets each year since 2017, $34,700 is the magic number for turning a <a rel="noopener noreferrer nofollow" title="profit" href="https://thebittimes.com/tag/profit.html">profit</a> on investment.</p>
 <p>Put another way, anyone who withdrew bitcoins from a major exchange since Jan. 1, 2017 is up in dollar terms compared to the year of withdrawal.</p>
 <p>This includes those who purchased during Bitcoin’s last bull run year, during which BTC/USD hit all-time highs of $69,000.</p>
 <p>The last time that BTC/USD traded above all the post-2017 cost basis lines was at the end of 2021.</p>
 <p>“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 commentary about the data on Nov. 21.</p>
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  “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.”
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 <figure><img src="https://cdn.thebittimes.com/images/2023/11/21/3d2ba5039c1eb7413951a7fc6fbfddda.webp">
  <figcaption style="text-align: center;"><em>Bitcoin exchange average withdrawal price by year chart. Source: Glassnode</em>
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 <h2 id="new-realized-price-records-flow-in">New realized price records flow in</h2>
 <p>Exchange withdrawal realized price adds another key line in the sand to the current BTC price range.</p>
 <p><strong><em>Related:&nbsp;Bitcoin stalls below $38K as <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> hints ‘Notorious B.I.D.’ is back</em></strong></p>
 <p>As Cointelegraph reported, $39,000 is also an important profitability mark, this reflecting the price at which 2021 bull market buyers on aggregate return to profit.</p>
 <p>That level also forms the lower bound of popular analyst Credible Crypto’s pre-halving BTC price target range, this bounded to the upside by $50,000. The halving is due next April.</p>
 <p>Continuing, meanwhile, James Van Straten,&nbsp;research and data analyst at crypto insights firm CryptoSlate, this week revealed a new all-time high for the total Bitcoin realized <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> — the complete acquisition cost of the BTC supply.</p>
 <p>Short-term holders' (STH) coins, which refer to the portion of the supply beyond exchanges, which has moved in the past 155 days, now also have a higher acquisition cost than ever before.</p>
 <p>The total realized price and STH realized price now stand approximately $10,000 apart, at around $20,930 and $30,460, respectively.</p>
 <p>"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.</p>
 <p class="post-content__disclaimer">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.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/btc-price-returns-key-profit-mark-to-bitcoin-exchange-users-at-34-7k-tbt71103.html">https://thebittimes.com/btc-price-returns-key-profit-mark-to-bitcoin-exchange-users-at-34-7k-tbt71103.html</a></p>

BTC price returns key profit mark to Bitcoin exchange users at $34.7K

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