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

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We can monitor the average price at which coins are withdrawn from all exchanges as a tool to estimate a market-wide cost basis.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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