In the past two bear markets, Bitcoin has used the realized price by year as support
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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We can monitor the average price at which coins are withdrawn from all exchanges as a tool to estimate a market-wide cost basis.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.
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