Bitcoin Continues to Reap Profits for Exchange Users
You may be interested to know that data shows Bitcoin purchased on exchanges since 2017 is now, on average, in profit. Glassnode, an on-chain analytics firm, compiled figures showing that at $37,000, a user’s purchase is now, on average, profitable.
Bitcoin Exchange Users Turn Losses into Profits
Bitcoin has returned a significant number of investors to profit since it surpassed the $30,000 mark last month. However, current prices are also impacting BTC buyers who made their initial investments much earlier. Glassnode monitored the aggregate prices at which coins left exchange wallets each year since 2017, determining that $34,700 is the turning point for making a profit on the investment.
This means that anyone who withdrew Bitcoin from a major exchange since January 1, 2017 is now seeing a profit compared to the year of withdrawal. This includes even those who purchased at the peak of BTC/USD’s all-time high of $69,000.
Checkmate, Glassnode’s lead on-chain analyst, confirmed on Nov. 21 that the average withdrawal price for Bitcoin investors across all yearly classes is now in profit.
New Realized Price Records Break Ground
The realized price of exchange withdrawals has set a new benchmark for the current BTC price range. This level also forms the lower limit of Credible Crypto’s pre-halving BTC price target range. On the other hand, crypto insights firm CryptoSlate reported a new all-time high for the total Bitcoin realized price and a remarkable 3% surge in new investor activity since May 2023.
Hot Take: Bitcoin Buyers on Exchanges Since 2017 Now in Profit on Average
It’s worth noting that Bitcoin buyers on exchanges since 2017 are now, on average, seeing profits. Glassnode’s data indicates that the turning point for making a profit on Bitcoin investments occurred at around $34,700. This is a significant milestone signifying that despite previous bear markets, Bitcoin has now rewarded long-term holders who have seen their past losses flip into gains. Additionally, the new realized price records are a testament to the increasing probability of coins being spent and mark an influx of new investors, contributing to the continued profitability for Bitcoin exchange users. Continue to monitor these trends to stay informed of the ongoing changes in the crypto market.
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