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do a great job of describing price action.Tracking the "realized price," or the average price at which bitcoin BTC is withdrawn from all exchanges to estimate a market-wide cost basis is a more valuable tool for gauging investor profitability and potential inflection points in market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.The charts (above and below) illustrate the average withdrawal prices for different investor cohorts, segmented by the year they entered the market starting Jan. 1 of each year from 2017 to 2025
source: https://www.coindesk.com/markets/2025/05/20/bitcoin-falters-near-record-but-realized-price-analysis-suggests-optimistic-outlook