Bitcoin Stayed Above Realized Price on Daily Closes During June Downturn

Bitcoin stayed above its realized price on daily closes during the June downturn. Buying around the low was spread across wallet-size groups. The June low stayed above realized price, unlike the bear-market periods shown in data dating to 2017; market-wide figures do not show that every holder avoided losses.

Realized price estimates the average price paid for coins in circulation based on when they last moved on-chain. It is not the break-even price for every wallet, since individual coins and groups of holders have different cost bases.

At the June low, the share of Bitcoin supply in profit fell to about the level seen at the November 2022 low. Losses were smaller in 2026, and net unrealized profit and loss did not turn negative.

A separate mid-June reading, based on data through June 15, put supply in profit at 54%, with about 10.2 million BTC underwater. On June 24, Bitcoin traded at $62,300 while realized price stood at $53,400. Its 90-day average net realized profit and loss was negative $205 million per day, indicating a period dominated by losses.

Buying into June’s lows was spread across wallet-size cohorts. Those groups reflect address or entity classifications under a provider’s methodology and do not identify individual owners. The accumulation pattern therefore does not establish that small holders never went underwater or that every large-holder cohort returned to profit.

By late September, Bitcoin had recovered above realized price. It had not recorded a daily close below that level during the downturn, unlike the bear-market periods shown in data dating to 2017.