BTC price returns key profit mark to Bitcoin exchange users at $34.7K
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’s purchase is on aggregate “in the black.”
Bitcoin returned multiple investor cohorts to profit when it retook $30,000 last month, but current prices are having an impact on BTC buyers who entered much earlier.
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.
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.
This includes those who purchased during Bitcoin’s last bull run year, during which BTC/USD hit all-time highs of $69,000.
The last time that 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 are now in profit,” Checkmate, Glassnode’s lead on-chain analyst, wrote in X commentary about the data on Nov. 21.
Exchange withdrawal realized price adds another key line in the sand to the current BTC price range.
Related: Bitcoin stalls below $38K as analysis hints ‘Notorious B.I.D.’ is back
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.
That level also forms the lower bound of popular analyst Credible Crypto’s pre-halving BTC price target range, this bounded to the upside by $50,000. The halving is due next April.
Continuing, meanwhile, James Van Straten, research and
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