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CryptoQuant data indicates that approximately 47,300 Bitcoin (BTC) were transferred to cryptocurrency exchanges at a loss over a 24-hour period, compared to only about 1,100 BTC arriving at a profit, according to Decrypt.
Earlier reporting: Stablecoin Supply Drops $14.2 Billion as Bitcoin ETFs See $1.6 Billion Outflows.
Earlier reporting: Hut 8 Reports $26.6B AI Contract Value, Sells 3,102 Bitcoin for Buybacks.
As of 03:35 UTC, Bitcoin traded at $73,745, +0.1% over 24 hours, with $25.9 billion in 24-hour volume.
The combined inflows totaled near 48,500 BTC, valued at approximately $3.6 billion at Bitcoin’s price of roughly $74,000. This flow represents a significant shift in behavior among short-term holders, a group CryptoQuant defines as investors holding Bitcoin for less than 155 days.
Loss-Making Deposits Dominate Flows
The data highlights a stark imbalance in exchange inflows. While the total volume of Bitcoin moving to exchanges is substantial, the overwhelming majority of these transfers are from holders who are currently sitting on unrealized losses. The ratio of loss-making to profit-making transfers reached approximately 27 to 1 on November 10.
Amr Taha, a contributor to CryptoQuant, noted in a November 11 analysis that profitable transfers stood near 1,700 BTC on that date. “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,” Taha wrote. This pattern suggests that recent buyers are moving coins underwater rather than cashing in gains from the earlier rally.
It is important to distinguish between transfers and completed sales. Sending Bitcoin to an exchange is not necessarily a sale; deposits can be made for trading other tokens, collateral, or other services. The data does not establish exactly how much of the transferred Bitcoin was subsequently sold, but the volume of underwater deposits adds to concerns about potential selling pressure as the cryptocurrency trades in the low-$70,000 range.
Binance Inflows From Recently Moved Coins
A separate CryptoQuant chart breaks down deposits to Binance by the time since each Bitcoin last moved on-chain. The data shows a spike in activity from coins moved within the last week. On November 1, Binance received 3,290 BTC from coins last moved one day to one week earlier. This figure increased significantly to 8,114 BTC from the same category on November 3.
Additionally, the platform received 1,925 BTC from coins last moved one to three months earlier on November 9. These figures help identify which age groups of coins are active on the exchange, though they do not necessarily reveal when the owners originally purchased their Bitcoin. The Binance chart measures one specific exchange and groups coins by their last on-chain movement, whereas the broader profit-and-loss charts track short-term holders sending coins to exchanges generally.
The timing of these inflows coincides with Bitcoin’s decline from its late-September highs above $85,000 to the current $73,000-to-$74,000 range. A buyer who paid $80,000 would be sitting on a paper loss of roughly 7.5% at the current price. Selling at this level would lock in that loss.
The recent weakness is not limited to short-term holders. Glassnode identified about 4 million BTC held by longer-term investors that had been acquired between $85,000 and $118,000. This represents another pocket of underwater supply above current prices, potentially adding to the overall pressure on the market as prices remain below recent acquisition costs for a significant portion of the holder base.
Source: Decrypt
