Short-term Bitcoin holders sent 47,025 BTC to exchanges at an unrealized loss as Bitcoin fell to an 11-week low. CryptoQuant data shows the total ranks third-highest since July. The firm's head of research flagged $73,000 as the level to watch.
Bitcoin short-term holders sent 47,025 BTC to exchanges while the coins were worth less than their purchase price, according to CryptoQuant. The transfers came in the 24 hours to midnight UTC at the start of Wednesday.
Underwater inflows rank third since July
The 24-hour total was the third-highest since July, CryptoQuant data showed. The largest 24-hour inflows of coins carrying unrealized losses since late July came on Oct. 8, hours after Bitcoin fell back to $80,000, when rolling inflows peaked at 50,500 BTC.
Bitcoin itself dropped to $72,670, its lowest level since Aug. 20.
On Nov. 10, CryptoQuant said, approximately 27 BTC arrived at a loss for every 1 BTC transferred at a profit. Short-term holders are generally considered more likely to sell when prices fall, even at a loss.
Price slips below short-term holders' cost basis
However, the price move also took Bitcoin under the cohort's average cost basis, which CryptoQuant put at about $75,700. Short-term holders moved into an aggregate unrealized profit on Aug. 20, then slipped back into a loss on Friday.
Coinpedia separately reported that U.S. spot Bitcoin ETFs recorded approximately $430.2 million in net outflows on November 5.
CryptoQuant flags $73,000 as the level to watch
CryptoQuant head of research Julio Moreno said Bitcoin could still be in the downtrend that began in November 2025. He wrote on Monday that a sustained break below $73,000 followed by a failed retest from below would "strengthen the case for bear-market continuation".
Still, short-term holders had reached their highest unrealized profitability since November 2025 when Bitcoin climbed to $87,200 in September.
Sources: Cointelegraph, Coinpedia
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