Bitcoin short-term holders send 47,000 BTC to exchanges at loss

Bitcoin short-term holders transferred 47,025 BTC to cryptocurrency exchanges while the coins’ market value was below their purchase price on Tuesday, Nov. 10. The 24-hour total was the third-highest recorded by onchain analytics platform CryptoQuant since July.

The data covered the 24 hours ending at midnight UTC at the start of Wednesday, Nov. 11. Profitable transfers totaled nearly 1,700 BTC, meaning about 27 BTC arrived at a loss for every 1 BTC transferred at a profit.

CryptoQuant defines short-term holders as entities that have held Bitcoin for up to 155 days. Their exchange inflows carrying unrealized losses increased as Bitcoin fell to $72,670, its lowest price since Aug. 20.

The largest comparable inflow since late July occurred on Oct. 8, when the rolling 24-hour total reached 50,500 BTC after Bitcoin fell back to $80,000.

Short-term holders’ average cost basis was about $75,700, according to CryptoQuant. The group moved into aggregate unrealized profit on Aug. 20 as Bitcoin recovered toward $80,000 and returned to aggregate unrealized loss on Friday, Nov. 6.

Julio Moreno, CryptoQuant’s head of research, wrote that Bitcoin could still be in the broader downtrend that began in November 2025. “If rallies keep stalling near the cohort’s cost basis and net unrealized losses deepen, the August rebound starts to look like a pause in the broader downtrend,” he wrote.

Moreno added that a sustained break below $73,000 followed by a failed attempt to reclaim that level from below would strengthen the case for the downtrend to continue.

CryptoQuant’s net unrealized profit/loss metric showed that short-term holders reached their highest level of unrealized profit since November 2025 when Bitcoin rose to $87,200 in September.

Reviewed and fact-checked by Alex Panasenko on November 11.