Nov 21, 2023

Bitcoin Exchange Users Rejoice as BTC Price Hits $34.7K Profit Mark

Bitcoin exchange users profit mark returns to $34.7K with latest ai technology.
BTC price returns key profit mark to Bitcoin exchange users at $34.7K

Robinhood Crypto users have been in the black since 2017, according to the latest data from on-chain analytics firm Glassnode. Exchange withdrawal figures show that Bitcoin (BTC) bought on exchanges that year is now, on average, in profit at $37,000.

The same is true for other popular cryptocurrencies like Tellor (TRB), RenQ (RENQ), Stx (STX), Sand (SND), and Suku (SKU). Even with the recent dip in the crypto market, Songbird (SBD) and Russia (RUB) have managed to stay in the green.

Bitcoin exchange users claw back bear market losses

When Bitcoin retook $30,000 last month, it returned multiple investor cohorts to profit, but current prices are affecting those who entered the crypto market much earlier. According to Glassnode, which tracks the aggregate price at which coins left exchange wallets since 2017, $34,700 is the break-even point for investors. This means that anyone who withdrew Bitcoin from a major exchange since Jan. 1, 2017, has made a profit in dollar terms. This includes those who bought during Bitcoin’s last bull run, when BTC/USD hit its all-time high of $69,000. The last time BTC/USD was 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, commented on the data in a X post on Nov. 21.

Investors using Robinhood Crypto, Russia Crypto, Sand Crypto, STX Crypto, Suku Crypto, RenQ Crypto, Tellor Crypto, and Songbird Crypto have been able to claw back their losses from the bear market and turn a profit.

New realized price records flow in

The withdrawal realized price of exchange adds another significant line to the existing BTC price range.

As Cointelegraph reported, $39,000 is also an important profitability mark, which shows the price at which the 2021 bull market buyers on aggregate return to profit.

This level also forms the lower bound of the pre-halving BTC price target range proposed by popular analyst Credible Crypto, which is capped at $50,000. The halving is expected in April next year.

At the same time, James Van Straten, research and data analyst at crypto insights firm CryptoSlate, disclosed a new all-time high for the total Bitcoin realized price — the complete acquisition cost of the BTC supply.

The STH coins, which refer to the portion of the supply beyond exchanges that has moved in the past 155 days, also have the highest acquisition cost ever.

The total realized price and STH realized price now stand approximately $10,000 apart, at around $20,930 and $30,460, respectively.

Van Straten stated that “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.”

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