{"id":14162,"date":"2023-11-21T20:51:01","date_gmt":"2023-11-21T20:51:01","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=14162"},"modified":"2023-11-21T20:51:03","modified_gmt":"2023-11-21T20:51:03","slug":"btc-price-returns-key-profit-mark-to-bitcoin-exchange-users-at-34-7k","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14162","title":{"rendered":"BTC price returns key profit mark to Bitcoin exchange users at $34.7K"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) bought on exchanges every year since 2017 is now on average in profit, the latest data confirms.<\/p>\n<p>Compiled by on-chain analytics firm Glassnode, exchange withdrawal figures confirm that at $37,000, a user\u2019s purchase is on aggregate \u201cin the black.\u201d<\/p>\n<h2>Bitcoin exchange users claw back bear market losses<\/h2>\n<p>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<p>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<p>Put another way, anyone who withdrew Bitcoin from a major exchange since Jan. 1, 2017, is up in dollar terms compared to the year of withdrawal.<\/p>\n<p>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<p>The last time BTC\/USD traded above all the post-2017 cost basis lines was at the end of 2021.<\/p>\n<p>\u201cThe average withdrawal price for Bitcoin investors across all yearly classes are now in profit,\u201d Checkmate, Glassnode\u2019s lead on-chain analyst, wrote in X (formerly Twitter) commentary about the data on Nov. 21. <\/p>\n<p>\u201cThis model can be considered the \u2018DCA cost basis\u2019 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<em>Bitcoin exchange average withdrawal price by year chart. Source: Glassnode<\/em><\/p>\n<h2>New realized price records flow in<\/h2>\n<p>Exchange withdrawal realized price adds another key line in the sand to the current BTC price range.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin stalls below $38K as analysis hints \u2018Notorious B.I.D.\u2019 is back<\/em><\/strong><\/p>\n<p>As Cointelegraph reported, $39,000 is also an important profitability mark, reflecting the price at which 2021 bull market buyers on aggregate return to profit.<\/p>\n<p>That level also forms the lower bound of popular analyst Credible Crypto\u2019s pre-halving BTC price target range, which bounded to the upside by $50,000. The halving is due next April.<\/p>\n<p>Meanwhile, James Van Straten,\u00a0research and data analyst at crypto insights firm CryptoSlate,\u00a0revealed a new all-time high for the total Bitcoin realized price \u2014 the complete acquisition cost of the BTC supply.<\/p>\n<p>Short-term holders\u2019 (STH) coins, which refer to the portion of the supply beyond exchanges that has moved in the past 155 days, now also have a higher acquisition cost than ever before.<\/p>\n<p>The total realized price and STH realized price now stand approximately $10,000 apart, at around $20,930 and $30,460, respectively.<\/p>\n<p>\u201cThis 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,\u201d Van Straten wrote.<\/p>\n<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.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/btc-price-returns-profit-bitcoin-exchange-34-7-k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) bought on exchanges every year since 2017 is now on average in profit, the latest data confirms. Compiled by on-chain analytics firm Glassnode, exchange withdrawal figures confirm that at $37,000, a user\u2019s purchase is on aggregate \u201cin the black.\u201d Bitcoin exchange users claw back bear market losses Bitcoin returned multiple investor cohorts to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-14162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14162"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14162\/revisions"}],"predecessor-version":[{"id":14164,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14162\/revisions\/14164"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14163"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}