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BTC Strategy and Binance\'s Bitcoin cost base: Who is really losing money?
Strategy\'s average cost basis for bitcoin is estimated at US$75,476 per coin, while Binance\'s realized price of bitcoin is approximately US$60,900 per coin. This comparison highlights the difference in risk exposure between corporate-held and exchange-held Bitcoin.
Strategy\'s Bitcoin holdings continue to attract market attention, with analysts comparing its average buy price to the estimated realized price of Bitcoin on Binance. Recent estimates show that Strategy\'s average cost base for bitcoin is approximately $75,476 per coin, while the realized price of bitcoin on Binance is approximately $60,900 per coin. The realized price refers to the average value of the currently held bitcoins at the time of the last transfer on the chain and reflects the cost basis of these positions.
Significance of comparison
The gap between Strategy\'s acquisition price and Binance\'s realized price suggests that the average purchase cost of Bitcoin held on the exchange is much lower than Strategy\'s corporate storage cost. If the bitcoin price is lower than Strategy\'s average purchase price, its positions will be at a floating loss on the books. In contrast, the vast majority of bitcoins on Binance are still above their estimated realized prices, which means that many holders are still profitable based on on-chain data. However, realized prices are a network-level indicator and should not be understood as the exact cost basis per Binance user.
Different indicators, different perspectives
Comparing the average purchase price of corporate holdings with the realized price on the exchange can help understand the positions of different Bitcoin holding groups. Strategy has continued to increase its holdings in Bitcoin over multiple market cycles, while Binance\'s realized price reflects the overall behavior of millions of market participants. Both indicators can help investors judge market positioning, but neither of them alone can determine the future price direction. As Bitcoin prices continue to fluctuate, analysts will be closely watching cost-based data to assess whether long-term holders remain profitable and how market sentiment evolves.
