{"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":"
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 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