In the past two bear markets, Bitcoin has used the realized price by year as support

exchange681 week ago

0 0 1 minute read

Definition

We can monitor the average price at which coins are withdrawn from all exchanges as a tool to estimate a market-wide cost basis. In this chart, we consider the average withdrawal prices for cohorts established by date, starting on the 1-Jan for the following cohorts:

🟣 All-time
🔘 2017+
🔵 2018+
🟢 2019+
🟡 2020+
🟠 2021+
🔴 2022+

Quick Take

In the past two bear markets — 2019 and 2022 — Bitcoin (BTC) has used the realized price by year as support.

The current RP by year:

2017: $15,189
2018: $18,635
2019: $21,831
2020: $26,464
2021: $36,897
2022: $26,391
2023: $21,310
All-Time: $11,090

As an aggregate basis, 2020, 2021, and 2022 buyers are underwater.

Exchange average withdrawal price: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.