In 2024, Bitcoin buyers saw an average realized price of $65,901.
Despite Bitcoin’s price more than doubling over the past year, those who purchased Bitcoin in 2024 have, on average, realized only a fraction of that growth, based on the realized price measure.
The realized price represents the average price at which Bitcoin has last moved on-chain. While the overall realized price for Bitcoin since its inception in 2009 is around $41,000, for coins bought in 2024, the realized price reached $65,901 by December 31. With Bitcoin closing the year around $93,000, this means that 2024 buyers, on average, were sitting on an unrealized profit of roughly 40%.
Tracking the realized price is essential for understanding the overall profit or loss and cost basis of individual investors. For 2024’s buyers to break even, Bitcoin would need to fall by about 31%. The introduction of U.S. spot-listed exchange-traded funds (ETFs) on January 11, which came close to the start of the year, serves as a good reference point for the cost basis of these investors.
The realized price also offers important insight into market trends. Historically, when Bitcoin’s market price dips below the realized price, it often signals a local price bottom. This trend occurred in January following the launch of the ETFs, as well as several times in the middle of 2024. Observing the realized price for 2024 buyers could have been a key indicator for traders.
As 2025 begins, the average cost basis for Bitcoin buyers has increased to around $95,500, placing them in a modest profit position as the new year starts. At the time of writing, Bitcoin is trading slightly above $96,000.
Furthermore, the realized price has historically served as a reliable support level during bear markets and rarely drops below it, offering a strong foundation during periods of price declines.
