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Analysis of Recent Bitcoin Buyers’ Behavior
Recent data from Glassnode shed light on the market-wide cost basis of Bitcoin buyers, revealing intriguing trends in the average price at which coins are withdrawn from exchanges. The information, segmented into cohorts, uncovers an upward trajectory on the cost basis, indicating a trend of purchasing Bitcoin at incrementally higher prices.
Significant Trends in Cohorts
The 2024 cohorts experienced a noteworthy upswing, with an average profit margin of approximately $10,500, translating to a 20% gain from their initial cost basis of $52,478. Conversely, the 2021 cohort managed to reduce their cost basis from $47,000 to a more conservative $36,971, as indicated by recent data analysis.
- 2017+: $18,082
- 2018+: $21,758
- 2019+: $25,018
- 2020+: $29,173
- 2021+: $36,971
- 2022+: $32,139
- 2023+: $36,058
- 2024+: $52,478
The 2023 cohort, displaying bullish behavior, exhibited a significant rise in cost basis from approximately $26,500 in October 2023 to the current figure of $36,058, hinting at a potential surpassing of the 2021 cohort in the future.
Overall, despite escalating prices, the cost basis for all cohorts has seen an increase in recent months, showcasing relentless dedication among Bitcoin buyers to purchase the digital asset regardless of market fluctuations.
Source: Glassnode
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