Record highs — be it $20,000 in 2017, $69,000 in 2021 and $109,000 this year — are great for headlines and quick comparisons, but in reality don’t do a great job of describing price action.

Tracking the “realized price,” or the average price at which bitcoin

is withdrawn from all exchanges to estimate a market-wide cost basis is a more valuable tool for gauging investor profitability and potential inflection points in market sentiment.

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Author: James Van Straten

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