47,000 BTC Transferred to Exchanges by Short-Term Holders at Unrealized Losses
After dropping beneath the short-term holder average acquisition price of approximately $75,700, Bitcoin reached its lowest point in 11 weeks at $72,670, CryptoQuant data reveals.
As Bitcoin (BTC) descended to its lowest level in 11 weeks on Tuesday, short-term holders transferred over 47,000 BTC to cryptocurrency exchanges, with these holdings valued below their original acquisition cost.
Key points:
- A total of 47,025 BTC was transferred to exchanges by short-term holders at values beneath their original purchase prices.
- This 24-hour volume represented the third-largest amount recorded since July, CryptoQuant data indicates.
- According to Julio Moreno from CryptoQuant, a persistent decline beneath $73,000 combined with an unsuccessful recovery above this threshold would bolster arguments that Bitcoin's extended downward trend remains intact.
Third-largest underwater exchange inflows from short-term holders since July
Information gathered from the onchain analytics service CryptoQuant revealed that short-term holders transferred 47,025 BTC with unrealized losses to cryptocurrency exchanges during the 24-hour period ending at midnight UTC on Wednesday morning.
This figure ranked among the most substantial 24-hour volumes within the four-month timeframe monitored by CryptoQuant, occurring as Bitcoin descended to $72,670, marking its weakest performance since Aug. 20.
The classification of short-term holders encompasses Bitcoin that has been held for a maximum of 155 days. Market participants holding Bitcoin for these shorter durations are typically viewed as having higher likelihood of selling during price declines, including at realized losses.
"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 most significant 24-hour influx of BTC carrying unrealized losses since the end of July took place on Oct. 8, shortly after Bitcoin retreated to $80,000. The rolling 24-hour inflows during that period reached a peak of 50,500 BTC.
CryptoQuant analyst highlights $73,000 threshold as Bitcoin approaches August lows
Prior reporting from Cointelegraph indicated that the average cost basis for short-term holders stood at approximately $75,700.
Short-term holders entered a state of collective unrealized profitability on Aug. 20 as Bitcoin recovered in the direction of $80,000. This cohort returned to a position of aggregate unrealized losses on Friday.
Julio Moreno, who serves as head of research at CryptoQuant, suggested that Bitcoin might remain within the downward trend that commenced 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."
The net unrealized profit/loss (NUPL) indicator from CryptoQuant demonstrated that short-term holders achieved their most elevated level of unrealized gains since November 2025 as Bitcoin ascended to $87,200 during September.