Bitcoin is now above the realized price on all major exchanges

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We can monitor the average price at which coins are withdrawn from all exchanges as a tool to estimate a market-wide cost basis.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

Quick Take

• Bitcoin is now above the realized price on all major exchanges, as it breaks through $24,000.
• During the 2019 and 2020 bear markets, the Bitcoin price went through all-exchanges realized price.
• However, during the 2022 bear market, the Bitcoin price briefly went below the realized price of all exchanges.

The exchange average withdrawal price by exchange;

• Bitfinex:  $10,595
• All exchanges: $16,816
• Binance: $21,362
• Coinbase: $21,046

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