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We can monitor the average price at which coins are withdrawn from all exchanges as a tool to estimate a market-wide cost basis.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