Bitcoin Defies Bear Market Script with Unprecedented Price Performance
Bitcoin has achieved an unprecedented milestone in this bear market, according to Glassnode. The company found that Bitcoin's closing price had never fallen below its realized price during a bear market before.
The realized price is an average cost-basis measure calculated using the prices at which Bitcoin in circulation last moved on-chain. When the market price is above this level, it means the total supply is valued above its average cost.
This finding suggests that the average BTC holder remained in profit throughout the period, but it does not mean every investor bought at the same price or that no investor is at a loss.
Glassnode's chart comparing Bitcoin's price to realized price and the cost bases of short-term and long-term holders shows a stark contrast with previous bear markets. The company also noted that profit-taking had remained light and ETF buying had increased, which may have contributed to this outcome.