Definition. This chart monitors the average price at which coins are withdrawn from all exchanges, as a tool to estimate a market-wide cost basis. We consider the average withdrawal prices for cohorts established by date, starting on 1-Jan of each year:

• 🟣 All-time
• 🔘 2017+
• 🔵 2018+
• 🟢 2019+
• 🟡 2020+
• 🟠 2021+
• 🔴 2022+
• 2023+ (pink)

Technical. Each trace is a volume-weighted running average of price over exchange outflows since its anchor date:

• Withdrawal Realized Price = cumsum(Price x Outflow Volume, since) / cumsum(Outflow Volume, since)

using total outflow volume across all exchanges tracked by Glassnode.

Interpretation. Coins withdrawn from exchanges have typically just been purchased or are being moved into custody, so the volume-weighted price of withdrawals approximates the acquisition cost of coins taken off market. Each yearly cohort line estimates the average cost basis of coins withdrawn since that date, letting the more recent lines isolate the entry prices of newer market participants. When spot price trades above a cohort line, the average withdrawal from that era sits in unrealized profit; extended periods below a cohort line have historically coincided with bear market conditions in which recent buyers are underwater. The spread between cohort lines also shows how sharply the market's average entry level has shifted across cycles.

Notes. This is conceptually analogous to the on-chain Realized Price, constructed from exchange outflows instead of spent outputs. Built from Exchange Outflow Volume. See also the per-venue breakdown Exchange Average Withdrawal Price (by Exchange) and the Whale-specific application in Whales and Exchanges.

Disclaimer: Exchange balances presented are derived from Glassnode’s comprehensive database of address labels, which are amassed through both officially published exchange information and proprietary clustering algorithms. While we strive to ensure the utmost accuracy in representing exchange balances, it is important to note that these figures might not always encapsulate the entirety of an exchange’s reserves, particularly when exchanges refrain from disclosing their official addresses. We urge users to exercise caution and discretion when utilizing these metrics. Glassnode shall not be held responsible for any discrepancies or potential inaccuracies.

Please read our Transparency Notice when using exchange data