What to know:
The average withdrawal price of bitcoin (BTC) from exchanges in 2025 currently stands at $100,356. At present, bitcoin is trading just below this level, hovering around $98,000.
The alarm bells start ringing when bitcoin falls below the average withdrawal price for an extended period, as this can frequently lead to continued selling and more downward price pressure. Traditionally, this metric has functioned as a robust support level for bitcoin.
Dropping below this support, however, doesn’t necessarily mean a bear market or sustained declines, as bitcoin has historically reclaimed this price level swiftly.
For instance, in 2024, bitcoin repeatedly tested its average withdrawal price just below $60,000. The price indeed did briefly dip below this level multiple times, most notably in August during the yen carry trade unwind when it plunged to $49,000. The price, though, managed to reclaim the support level within a few days.
Similarly, in 2023, the realized price provided crucial support on multiple occasions, including during the Silicon Valley Bank collapse in March ($20,000) and again in September, just before bitcoin’s Q4 rally.
According to Glassnode data, over 2.6 million BTC are sitting at a loss, one of the highest amounts this year. The longer it sustains a price below the 2025 average, the higher the likelihood further declines could be in store.
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2025-02-05 16:38