Bitcoin short-term holders send 47K BTC to exchanges at a loss

Bitcoin (BTC) short-term holders sent more than 47,000 BTC to exchanges on Tuesday as Bitcoin fell to an 11-week low, with the coins worth less than their purchase price.

Key points:

• Short-term holders moved 47,025 BTC to exchanges while the coins were worth less than their acquisition price.

• The 24-hour total was the third-highest since July, according to CryptoQuant.

• CryptoQuant’s Julio Moreno said a sustained break below $73,000 and a failed rebound above that level would strengthen the case that Bitcoin’s broader downtrend was continuing.

Short-term holders’ underwater exchange inflows rank third since July

Data from onchain analytics platform CryptoQuant showed short-term holders sent 47,025 BTC carrying unrealized losses to exchanges in the 24 hours to midnight UTC at the start of Wednesday.

The tally was among the largest 24-hour totals in the four months of data tracked by CryptoQuant and came as Bitcoin dropped to $72,670, its lowest level since Aug. 20.

The short-term holder metric tracks Bitcoin held for up to 155 days. Short-term holders are generally considered more likely to sell when prices fall, even at a loss.

“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,” CryptoQuant said.

The largest 24-hour inflows of BTC carrying unrealized losses since late July occurred on Oct. 8, hours after Bitcoin fell back to $80,000. Rolling 24-hour inflows peaked at 50,500 BTC.

Short-term holders’ exchange inflows of BTC carrying unrealized losses. Source: CryptoQuant

CryptoQuant analyst flags $73,000 as Bitcoin tests August lows

Cointelegraph previously reported that short-term holders’ average cost basis was around $75,700.

Related: Stock ETF buyers pounce on dip as Bitcoin funds bleed $1.6 billion