96% of older Bitcoin being sent to exchanges is now underwater

Bitcoin's long-term holding cohort sent about 5,950 BTC to exchanges below estimated acquisition cost on Nov. 10. Underwater coins dominated this cohort's deposits, even as the volume arriving below cost fell from the previous day.

The loss-inflow series from analytics provider CoinGlass showed a 29.22% daily decline. Its total cohort inflows reached 6,182.67 BTC, including 232.72 BTC arriving above cost. Below-cost coins therefore accounted for about 96% of older-holder exchange deposits that day.

The deposits represent potential trading supply under loss pressure, but transfers to exchanges do not establish completed sales.

CoinGlass defines the long-term cohort around a 155-day holding boundary. Its loss-inflow measure counts BTC sent to identified exchange addresses below estimated acquisition cost.

What older-coin spending shows

A separate profitability measure gives an earlier view of older-coin activity. CoinGlass reports a long-term-holder spent output profit ratio, or LTH-SOPR, of 0.82063 for Nov. 9, below the break-even level of 1.

The ratio compares the aggregate dollar value of older coins when spent with their value at creation. A reading below 1 means those spent coins moved at an aggregate loss. Unlike the deposit figures, this measure covers spending across the network.