According to data recorded on the blockchain, Bitcoin traders who purchased during the bull market of 2020 are now approaching the point where they have recouped their initial investment as a result of the recent surge in prices. Holders of Bitcoin who have held onto their investments since the bull run of 2020 are now close to breaking even. In a recent post on X, Ki Young Ju, the founder and CEO of CryptoQuant, discussed how the cryptocurrency’s price is getting closer to the level at which buyers joined the bull run in 2021. The key indicator being used is the “Realized Price,” which shows the average price at which investors purchased Bitcoin. When the current price exceeds this figure, it indicates that holders are now in a position of profit. Conversely, if the price is below the indicator, it suggests that the entire market is experiencing a decrease in value. This could indicate that Bitcoin supply in profit is nearing 95%, which could be a potential indicator of market strength. It can be inferred that when the Realized Price matches the spot price, the average holder is likely not making a profit on their investment. In this case, we are focusing on the Realized Price of Bitcoin holders who purchased during the 2021 bull run, specifically those in the 2- to 3-year-old UTXO Age Band. In basic terms, “UTXO Age Bands” categorize tokens (specifically unspent transaction outputs or UTXOs) into groups based on their age. The range of 2 to 3 years ago corresponds to the period from February 2021 to February 2022, around the time of the previous market surge. Here is a chart displaying the trend of the Realized Price for these Bitcoin investors. It appears that the asset’s price has been nearing this level over the past few days, according to information from @ki_young_ju on X. The graph above shows that the Realized Price of Bitcoin for UTXOs aged 2 to 3 years has been hovering around $49,340. When Ju showed the chart, Bitcoin was trading at $48,300, nearing the investment price of those involved. However, Bitcoin has since experienced a significant increase, surpassing that threshold.