Bitcoin Buyers since 2017 Now in Profit, Latest Data Shows
Bitcoin (BTC) investors who bought the cryptocurrency on exchanges since 2017 are now, on average, in profit, according to the latest data from on-chain analytics firm Glassnode. The figures confirm that at the current price of $37,000, a user’s purchase is “in the black.”
Bitcoin exchange users recover losses from bear market
Bitcoin’s price surge past $30,000 last month brought multiple investor cohorts back into profit. However, the current prices are impacting those BTC buyers who entered the market much earlier. Glassnode’s data reveals that $34,700 is the key price point for turning a profit on investment.
In simpler terms, anyone who withdrew Bitcoin from a major exchange since January 1, 2017, has made a profit in dollar terms compared to the year of withdrawal. This includes those who purchased during Bitcoin’s last bull run in 2021, when BTC/USD reached an all-time high of $69,000. The last time BTC/USD traded above all the post-2017 cost basis lines was at the end of 2021.
“The average withdrawal price for Bitcoin investors across all yearly classes is now in profit,” said Checkmate, Glassnode’s lead on-chain analyst. “This model can be considered the ‘DCA cost basis’ for the average investor who started accumulating from January 1 of each year. The class of 2021 has the highest entry price at $34.7k.”
New records for realized price
Exchange withdrawal realized price adds another significant data point to the current BTC price range. As reported by Cointelegraph, $39,000 is also an important profitability mark, indicating the price at which 2021 bull market buyers, on average, return to profit. This level aligns with popular analyst Credible Crypto’s pre-halving BTC price target range, which extends up to $50,000. The halving is scheduled for next April.
Furthermore, James Van Straten, a research and data analyst at crypto insights firm CryptoSlate, revealed a new all-time high for the total Bitcoin realized price — the complete acquisition cost of the BTC supply. The coins held by short-term holders (STH), referring to the portion of the supply beyond exchanges that has moved in the past 155 days, now have a higher acquisition cost than ever before.
The total realized price and STH realized price are currently approximately $10,000 apart, with values of around $20,930 and $30,460, respectively. Van Straten stated, “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.”
Disclaimer: This article does not provide investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making any decisions.