Bitcoin loss supply floods exchanges with 47,025 BTC

Bitcoin fell to its lowest level in 11 weeks, sending a large amount of short-term holdings that are in the red into exchanges. Analysts said it could signal moves to sell at prices below the average purchase level.

Cointelegraph reported on Nov. 11, local time, that short-term holders sent 47,025 bitcoin in unrealised-loss status to exchanges over 24 hours.

The moves came as bitcoin at one point slid to $72,670, its lowest since Aug. 20. On-chain analytics firm CryptoQuant analysed that selling pressure increased as the price fell below short-term holders’ average purchase price of about $75,700.

Short-term holders generally refer to investors who have held bitcoin for 155 days or less. They are seen as a group with a strong tendency to sell and accept losses when prices fall sharply. CryptoQuant said about 1,700 BTC flowed into exchanges in profit as of Nov. 10. That means about 27 BTC in loss moved to exchanges for every 1 BTC in profit.

The latest inflow ranks among the larger 24-hour readings over the past four months. The biggest since late July was 50,500 BTC on Oct. 8. At that time, inflows of loss-making supply into exchanges also surged just after bitcoin slipped below $80,000.

Profitability for short-term holders also deteriorated again. They entered an unrealised-profit zone on a group average basis on Aug. 20, when bitcoin was trying to recover $80,000, but fell back into a loss zone on Nov. 7. When prices rose to $87,200 in September, the net unrealised profit and loss indicator improved to its highest level since November 2025, but the recent decline is giving back the gains.

Julio Moreno (훌리오 모레노), head of research at CryptoQuant, raised the possibility that bitcoin may not yet have escaped a downtrend that began in November 2025. He said on Nov. 10, "If rebounds keep getting blocked around the short-term holders’ cost basis and net unrealised losses deepen, the August rebound will start to look like a temporary pause within a larger downtrend."

The key is whether bitcoin can reclaim $75,700, the average purchase price for short-term holders. If it fails to regain that level, inflows of loss-making supply to exchanges could continue. If it rises above the average purchase price, there is room for selling pressure from short-term holders to ease.