Short-term Bitcoin holders transfer 47,000 BTC to exchanges at a loss

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Short-term holders 47,000 BTC

Short-term Bitcoin holders transferred more than 47,000 BTC to cryptocurrency exchanges as the world's largest cryptocurrency fell to an 11-week low. According to CryptoQuant, virtually all the deposited coins were worth less than their purchase price.

On November 10, Bitcoin dropped to $72,670, its lowest level since August 20. The decline came after the asset's price fell below the average purchase price of short-term investors, which stands at approximately $75,700.

Bitcoin exchange inflows from short-term holders. Source: CryptoQuant.

CryptoQuant analysts recorded a sharp increase in exchange transfers by market participants who had held their coins for no more than 155 days. Such transactions may precede asset sales, although they do not, by themselves, confirm that sales have occurred.

Investors transfer 47,025 BTC

In the 24 hours leading up to the start of November 11, Coordinated Universal Time (UTC), short-term holders transferred 47,025 BTC to trading platforms at prices below their acquisition costs.

According to CryptoQuant, this was the third-largest daily figure since July. A larger inflow occurred on October 8, when Bitcoin fell to $80,000 and transfers involving unrealized losses reached 50,500 BTC.

Meanwhile, profitable transfers on November 10 totaled only approximately 1,700 BTC.

"For every Bitcoin transferred at a profit, approximately 27 BTC were deposited at a loss," the analysts noted.

This significant disparity indicates that loss-making positions dominated among short-term investors transferring funds to exchanges.

Analysts warn of further Bitcoin downside risks

CryptoQuant Head of Research Julio Moreno suggested that Bitcoin remains in a downtrend that began in November 2025.

According to him, the price recovery in August may have been only a temporary pause in a more prolonged decline.

"A sustained drop below $73,000, followed by a failed attempt to reclaim that level, would strengthen the case for a continued bear market," Moreno said.

In September, when Bitcoin reached $87,200, short-term holders recorded their highest level of unrealized profitability since November 2025. However, the subsequent decline pushed this group of investors back into aggregate unrealized losses.

Meanwhile, Weiss Ratings analysts believe that increased institutional participation has not yet changed Bitcoin's traditional four-year cycle. In their assessment, the introduction of spot ETFs and the development of tokenized finance have not eliminated the periods of growth and decline characteristic of the cryptocurrency market.

Earlier, we reported that Strategy purchased $82 million worth of Bitcoin, increasing its holdings to 850,364 BTC. The average price of its latest purchase was $79,012 per coin.