Bitcoin Short-Term Holders Send $3.6 Billion in BTC to Exchanges at a Loss

In brief

• CryptoQuant’s latest chart shows roughly 47,300 BTC arriving at exchanges at a loss over 24 hours, versus about 1,100 BTC at a profit.
• Analyst Amr Taha separately recorded 46,060 BTC in loss-making deposits on November 10, following a 50,790 BTC spike on November 3.
• Binance received 8,114 BTC from coins last moved one day to one week earlier on November 3, according to CryptoQuant.

Bitcoin investors who bought recently are moving tens of thousands of coins to cryptocurrency exchanges at a loss, adding to concerns about selling pressure as the cryptocurrency falls toward the low-$70,000 range.

CryptoQuant’s latest short-term holder profit-and-loss chart shows roughly 47,300 BTC transferred to exchanges below their acquisition price over 24 hours, compared with only about 1,100 BTC arriving at a profit.

Combined inflows stood near 48,500 BTC, or around $3.6 billion at Bitcoin’s current price of approximately $74,000.

The research company's chart below shows transfers, not completed sales. Sending Bitcoin to an exchange can be the first step toward selling, but some deposits are made for trading for other tokens, collateral, or other services. The data also does not establish exactly how much of the transferred Bitcoin was subsequently sold.