The article discusses the realized price metric for Bitcoin, which calculates the average value of all Bitcoin based on the last price it moved on the blockchain. Investors who purchased Bitcoin in 2024 have made an average of 40% unrealized gains based on this metric. The historical realized price of Bitcoin since its inception was around $41,000, while for coins purchased in 2024, it reached $65,901 by the end of the year. With Bitcoin's market price closing at around $93,000 on December 31, last year's buyers were sitting on a significant amount of unrealized profit. The realized price metric is important for understanding the cost basis and overall profit or loss of individual Bitcoin participants, especially with the launch of spot-listed Bitcoin exchange-traded funds (ETFs) in the US. It is also considered a critical indicator for investors, as price drops below the realized price have historically signaled market bottoms. As the new year begins, the average cost basis for Bitcoin buyers has risen to around $95,500.



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