Recent data analysis from Glassnode reveals interesting trends in the cost basis of Bitcoin buyers, showing an upward trajectory in the average price at which coins are withdrawn from exchanges. This information, segmented into different cohorts based on the year of purchase, indicates a trend of purchasing Bitcoin at incrementally higher prices.
One of the most notable findings is that the 2024 cohort saw a significant increase in their average profit margin, reaching around $10,500. This represents a gain of approximately 20% from their initial cost basis of $52,478. The data also shows that the 2021 cohort managed to reduce their cost basis from $47,000 to $36,971.
Despite some cohorts managing to lower their cost basis, overall, there has been a consistent rise in the cost basis for all groups in recent months. This suggests a strong dedication to buying Bitcoin regardless of the increasing prices.
The data from Glassnode also shows the different cost basis for each cohort, with the 2024 cohort having the highest cost basis at $52,478, followed by the 2021 cohort at $36,971. The 2023 cohort exhibited particularly bullish behavior, with a significant increase in cost basis from $26,500 to $36,058.
Overall, recent Bitcoin buyers continue to show optimism and dedication to purchasing Bitcoin, even as prices surge. This trend highlights the unwavering confidence in the future potential of the cryptocurrency market.
