{"id":25387,"date":"2023-11-21T15:11:53","date_gmt":"2023-11-21T15:11:53","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/btc-price-returns-key-profit-mark-to-bitcoin-exchange-users-at-34-7k\/"},"modified":"2023-11-21T15:11:56","modified_gmt":"2023-11-21T15:11:56","slug":"btc-price-returns-key-profit-mark-to-bitcoin-exchange-users-at-34-7k","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/btc-price-returns-key-profit-mark-to-bitcoin-exchange-users-at-34-7k\/","title":{"rendered":"BTC price returns key profit mark to Bitcoin exchange users at $34.7K"},"content":{"rendered":"
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Bitcoin (BTC) bought on exchanges every year since 2017 is now on average in profit, the latest data confirms.<\/p>\n

Compiled by on-chain analytics firm Glassnode, exchange withdrawal figures confirm that at $37,000, a user’s purchase is on aggregate \u201cin the black.\u201d<\/p>\n

Bitcoin exchange users claw back bear market losses<\/h2>\n

Bitcoin returned multiple investor cohorts to profit\u00a0when it retook $30,000 last month, but current prices are having an impact on BTC buyers who entered much earlier.<\/p>\n

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.<\/p>\n

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>\n

This includes those who purchased during Bitcoin\u2019s last bull run year, during which BTC\/USD hit all-time highs of $69,000. <\/p>\n

The last time that BTC\/USD traded above all the post-2017 cost basis lines was at the end of 2021.<\/p>\n

\u201cThe average withdrawal price for Bitcoin investors across all yearly classes are now in profit,\u201d Checkmate, Glassnode\u2019s lead on-chain analyst, wrote<\/a> in X commentary about the data on Nov. 21. <\/p>\n

\u201cThis 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.\u201d<\/p><\/blockquote>\n

Bitcoin exchange average withdrawal price by year chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n

New realized price records flow in<\/h2>\n

Exchange withdrawal realized price adds another key line in the sand to the current BTC price range.<\/p>\n

Related:\u00a0Bitcoin stalls below $38K as analysis hints \u2018Notorious B.I.D.\u2019 is back<\/em><\/strong><\/p>\n

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>\n

That level also forms the lower bound of popular analyst Credible Crypto\u2019s pre-halving BTC price target range, this bounded to the upside by $50,000. The halving is due next April.<\/p>\n

Continuing, meanwhile, James Van Straten,\u00a0research and data analyst at crypto insights firm CryptoSlate, this week revealed a new all-time high for the total Bitcoin realized price \u2014 the complete acquisition cost of the BTC supply.<\/p>\n

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>\n

The total realized price and STH realized price now stand approximately $10,000 apart, at around $20,930 and $30,460, respectively.<\/p>\n

“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>\n

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.\n<\/p>\n<\/div>\n