Bitcoin Stays Above Realized Price During June Downturn

Bitcoin managed to stay above its realized price on daily closes throughout the June downturn, a notable contrast to past bear-market periods. The realized price, which estimates the average cost of coins in circulation based on their last on-chain movement, did not serve as a break-even point for every holder due to varying cost bases among different wallets.

At the June low, the share of Bitcoin supply in profit dropped to levels seen during the November 2022 low, but losses were smaller in 2024. The net unrealized profit and loss did not turn negative. By mid-June, data showed about 54% of the supply in profit, with approximately 10.2 million BTC underwater. On June 24, Bitcoin traded at $62,300 while the realized price was $53,400, reflecting a 90-day average net realized profit and loss of negative $205 million per day.

Buying during the June lows was spread across different wallet-size groups, though this does not confirm that small holders avoided losses or that large holders returned to profit. By late September, Bitcoin had recovered above the realized price, marking a significant shift from earlier downturns.