TL;DR
Bitcoin short-term holders sent 47,025 BTC to exchanges while underwater, marking the third-largest 24-hour loss-bearing inflow since late July, according to CryptoQuant.
Bitcoin fell to an 11-week low of $72,670, below the cohort’s average cost basis near $75,700, leaving recent buyers under growing unrealized pressure.
CryptoQuant’s Julio Moreno said a sustained break below $73,000 followed by a failed retest would strengthen the case for continued broader downside in Bitcoin markets.
Bitcoin short-term holders sent 47,025 BTC to exchanges while those coins were trading below their acquisition price, as Bitcoin fell to an 11-week low of $72,670. According to CryptoQuant data , the 24-hour inflow ranked as the third-largest loss-bearing exchange flow since late July. The movement signals mounting pressure among recent Bitcoin buyers, but exchange deposits do not prove that all 47,025 BTC were ultimately sold. The episode adds another stress test for Bitcoin as newer holders move deeper into unrealized losses.
Short-Term Holders Move Deeper Into Loss
Short-term holders are generally defined in the CryptoQuant framework as coins held for up to 155 days. Their average cost basis stood near $75,700, leaving the cohort underwater as BTC traded below that level. Loss-making transfers overwhelmingly dominated profitable exchange inflows on November 10, with roughly 27 BTC arriving at a loss for every 1 BTC transferred at a profit. Profitable transfers totaled about 1,700 BTC, while the loss-side surge followed other recent episodes of short-term holders moving BTC to exchanges .
The 47,025 BTC total was not the largest recent reading. CryptoQuant data showed rolling 24-hour loss-bearing inflows peaking around 50,500 BTC on October 8 after Bitcoin fell back toward $80,000. Short-term holders had later returned to aggregate unrealized profit when Bitcoin rebounded toward $80,000 on August 20, before slipping back into aggregate unrealized loss last Friday. The latest exchange flow therefore reflects renewed stress after a temporary recovery in short-term holder profitability. That reversal contrasts with the earlier 30-day profitability streak among recent buyers .
CryptoQuant head of research Julio Moreno said Bitcoin may still be moving within the broader downtrend that began in November 2025. He argued that repeated failures near the short-term holder cost basis, combined with deeper unrealized losses, would make the August rebound look increasingly temporary. Moreno identified a sustained break below $73,000 followed by a failed retest from underneath as a condition that would strengthen the bear-market continuation case. That remains an analyst scenario, not a confirmed outcome. The setup also follows CryptoQuant warnings about weakening Bitcoin demand , leaving the $73,000 area and the $75,700 cohort cost basis as key reference levels, without establishing whether the exchange inflows will translate into additional realized selling pressure.
