Bitcoin ($BTC) short-term holders sent more than 47,000 $BTC to exchanges on Tuesday as Bitcoin dropped to an 11-week low, with the coins valued below their purchase price.
Key points:
- Short-term holders transferred 47,025 $BTC to exchanges while the coins were worth less than they had paid for them.
- According to CryptoQuant, the 24-hour total was the third-highest since July.
- CryptoQuant’s Julio Moreno said that a sustained move below $73,000, followed by an unsuccessful 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 that short-term holders sent 47,025 $BTC with unrealized losses to exchanges during the 24 hours ending at midnight UTC at the start of Wednesday.
The figure ranked among the largest 24-hour totals in the four months of data tracked by CryptoQuant. It came as Bitcoin fell 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 came 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 the average cost basis for short-term holders was around $75,700.
Related: Stock ETF buyers pounce on dip as Bitcoin funds bleed $1.6 billion
Short-term holders moved into aggregate unrealized profit on Aug. 20 as Bitcoin rebounded toward $80,000. They returned to aggregate unrealized loss on Friday.
STH cost basis vs. $BTC/USD. Source: CryptoQuant
CryptoQuant head of research Julio Moreno said Bitcoin could still be in the 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 on Monday.
“A sustained break below $73,000 followed by a failed retest from below would strengthen the case for bear-market continuation.”
STH-NUPL vs. $BTC/USD. Source: CryptoQuant
CryptoQuant’s net unrealized profit/loss (NUPL) metric showed that short-term holders reached their highest unrealized profitability since November 2025 as Bitcoin climbed to $87,200 in September.
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