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

Bitcoin (btc) bought on exchanges every year since 2017 now has an average profit, the latest data confirms.

compiled According to on-chain analytics firm Glassnode, exchange withdrawal figures confirm that at $37,000, a user's purchase is collectively "in the black."

Bitcoin exchange users recover bear market losses

Bitcoin is back multiple cohorts of investors to make profits when it recaptured $30,000 last month, but current prices are having an impact on BTC buyers who got in much earlier.

According to Glassnode, which monitors the aggregate price at which coins leave exchange wallets each year since 2017, $34,700 is the magic number for turning a profit on investment.

Put another way, anyone who has withdrawn bitcoin from a major exchange since January 1, 2017 wins in dollar terms compared to the year of withdrawal.

This includes those who bought during the last year of Bitcoin's bull run, during which BTC/USD reached all-time highs 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 year classes is now profitable,” said Checkmate, Lead On-Chain Analyst at Glassnode, wrote in X comment on the data from November 21.

“This model can be considered the 'DCA cost base' for the average investor who started accumulating from January 1 of each year. The class of 2021 has the highest entry price: $34.7 thousand.”

New realized price records arrive

The exchange's realized withdrawal price adds another key line in the sand to BTC's current price range.

Related: Bitcoin Stops Below $38,000 as Analysis Suggests 'Notorious BID' Is Back

Like Cointelegraph reported$39,000 is also an important profitability mark, reflecting the price at which 2021 bull market buyers collectively return to profit.

That level also forms the lower limit of popular analyst Credible Crypto's pre-halving BTC price target range, this limited upwards by $50,000. The halving is scheduled for next April.

Meanwhile, James Van Straten, research and data analyst at crypto insights firm CryptoSlate, continues this week. revealed a new all-time high for the total realized price of Bitcoin – the total cost of acquiring the BTC supply.

Short-term holder (STH) coins, which refers to the portion of the supply beyond exchanges, that has moved in the last 155 days, now also have a higher acquisition cost than ever.

The total realized price and realized price of STH are now approximately $10,000 apart, around $20,930 and $30,460, respectively.

“This rise emphasizes a higher probability of these coins being spent on any given day and signifies the influx of new investors, with a notable 3% increase, the highest since May 2023,” Van Straten wrote.

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.