Bitcoin Short-Term Holders Send $3.6 Billion in BTC to Exchanges at a Loss
Short-term Bitcoin holders transferred approximately 47,300 BTC to exchanges at a loss over 24 hours, adding to selling pressure as the cryptocurrency falls toward the $70,000 range.
CryptoQuant's latest short-term holder profit-and-loss chart reveals roughly 47,300 BTC transferred to exchanges below their acquisition price over 24 hours, compared with only about 1,100 BTC arriving at a profit. Combined inflows stood near 48,500 BTC, or around $3.6 billion at Bitcoin's current price of approximately $74,000.
The research company's chart measures transfers, not completed sales. Sending Bitcoin to an exchange can be the first step toward selling, but some deposits are made for trading for other tokens, collateral, or other services. The data does not establish exactly how much of the transferred Bitcoin was subsequently sold.
Underwater Exchange Deposits
In a November 11 analysis, CryptoQuant contributor Amr Taha identified two large waves of underwater exchange deposits over the previous week: 50,790 BTC on November 3 and 46,060 BTC on November 10.
On November 10, profitable transfers stood near 1,700 BTC, meaning approximately 27 BTC arrived at a loss for every 1 BTC transferred at a profit.
That is an unusually one-sided flow. Investors moving coins into exchanges are overwhelmingly doing so at prices below those at which they acquired them, rather than cashing in gains from the earlier rally. A similar pattern has occurred over several months, with recurring spikes in loss-making exchange transfers as Bitcoin's price swung higher and lower.
Binance Sees Recent Activity
A separate CryptoQuant chart breaks down deposits to Binance by the time since each Bitcoin last moved on-chain. It shows 3,290 BTC arriving from coins last moved one day to one week earlier on November 1, followed by a much larger 8,114 BTC from the same category on November 3.
On November 9, the platform also received 1,925 BTC from coins last moved one to three months earlier. The timing matters because Bitcoin has been sliding from its late-September highs above $85,000 into the $73,000-to-$74,000 area. A newer buyer who paid $80,000 would be sitting on a paper loss of roughly 7.5% with Bitcoin at $74,000.
The recent weakness is not limited to short-term holders. Glassnode identified about 4 million BTC held by longer-term investors that had been acquired between $85,000 and $118,000, potentially leaving another pocket of underwater supply above current prices.
Related
