In brief
- CryptoQuant’s latest chart shows roughly 47,300 $BTC reaching exchanges at a loss over 24 hours, compared with about 1,100 $BTC arriving at a profit.
- Analyst Amr Taha separately recorded 46,060 $BTC in deposits made at a loss on November 10, after a spike of 50,790 $BTC on November 3.
- According to CryptoQuant, Binance received 8,114 $BTC on November 3 from coins last moved one to seven days earlier.
Investors who bought Bitcoin recently are transferring tens of thousands of coins to cryptocurrency exchanges at a loss, adding to concerns about selling pressure as the cryptocurrency approaches the low-$70,000 range.
CryptoQuant’s latest chart of short-term holders’ profits and losses shows roughly 47,300 $BTC transferred to exchanges below the holders’ acquisition price over 24 hours, versus only about 1,100 $BTC arriving at a profit.
Combined inflows were close to 48,500 $BTC, equivalent to around $3.6 billion at Bitcoin’s current price of approximately $74,000.
The research company's chart below tracks transfers, not completed sales. A Bitcoin deposit to an exchange can be a first step toward selling, but some coins are deposited for trading for other tokens, collateral, or other services. The data also does not establish exactly how much of the transferred Bitcoin was later sold.
This distinction matters because the chart tracks short-term holders, whom CryptoQuant generally defines as investors who have held Bitcoin for less than 155 days.
These buyers are often the most exposed to a sudden price reversal, especially when their holdings are worth less than they paid.
New buyers are moving coins underwater
In a November 11 analysis by CryptoQuant, contributor Amr Taha identified two large waves of underwater exchange deposits during 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,” Taha wrote.
The flow is unusually one-sided. Investors sending coins to exchanges are overwhelmingly doing so at prices below their purchase prices, rather than taking profits from the earlier rally.
A similar pattern has appeared over several months, with recurring spikes in loss-making exchange transfers as Bitcoin’s price moved up and down. The latest red spike is near the lowest readings shown since July.
Why Binance is seeing activity from recently moved coins
A separate CryptoQuant chart breaks down Binance deposits by how long ago each Bitcoin last moved on-chain. It shows 3,290 $BTC arriving on November 1 from coins last moved one to seven days earlier, followed by a much larger 8,114 $BTC from the same category on November 3.
Taha’s analysis says the platform also received 1,925 $BTC on November 9 from coins last moved one to three months earlier. These figures show which age groups are active, but do not necessarily indicate when the owners originally bought their Bitcoin.
The Binance chart covers one exchange and groups coins according to their most recent on-chain movement. The profit-and-loss charts, by contrast, track short-term holders sending coins to exchanges more broadly.
The timing is significant: Bitcoin has fallen from late-September highs above $85,000 into the $73,000-to-$74,000 range shown at the end of the screenshots. A more recent buyer who paid $80,000 would have a paper loss of roughly 7.5% with Bitcoin at $74,000; selling at that price would make the loss final.
The recent weakness extends beyond short-term holders. Glassnode identified about 4 million $BTC held by longer-term investors and acquired between $85,000 and $118,000, potentially creating another pocket of underwater supply above current prices.
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