Bitcoin is now above the realized price on all major exchanges

Bitcoin briefly went below the realized price for all exchanges during the FTX collapse

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We can monitor the average price at which coins are withdrawn from all exchanges as a tool to estimate a market-wide cost basis.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

Press Release 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