In 2024, the average realized price for Bitcoin buyers was $65,901.

Although Bitcoin’s price more than doubled throughout last year, investors who purchased Bitcoin during 2024 have seen, on average, only a portion of that growth, according to the realized price metric.

The realized price refers to the average price at which Bitcoin last moved on-chain. Since Bitcoin’s inception in 2009, its realized price has averaged around $41,000, while for coins bought in 2024, the realized price reached $65,901 by December 31. With the market price closing around $93,000 at year-end, this means that 2024 buyers, on average, are holding an unrealized profit of about 40%.

Monitoring the realized price is essential for understanding an investor’s overall profit, loss, and cost basis. For those who bought in 2024, Bitcoin would need to drop by around 31% for them to break even. The launch of U.S. spot-listed exchange-traded funds (ETFs) on January 11, which occurred close to the start of the year, serves as a good benchmark for the cost basis for these investors.

The realized price offers additional insight. Historically, whenever Bitcoin’s price falls below the realized price, it has often marked a local price bottom. This occurred earlier in January following the ETF launch, and again several times throughout the middle of the year. Keeping track of the realized price for 2024 buyers could have been a strategic approach for market participants.

As we step into 2025, the average cost basis for Bitcoin buyers has risen to about $95,500, putting them in a slight profit position as the year begins. At the time of writing, Bitcoin is trading slightly above $96,000.

Furthermore, the realized price has historically acted as a reliable support level for Bitcoin during bear markets, with the price rarely dipping below it.