Bitcoin short-term holders send 47,025 BTC to exchanges at a loss as price hits $72,670
In brief
- Bitcoin short-term holders sent 47,025 BTC carrying unrealized losses to exchanges in 24 hours, per CryptoQuant.
- Bitcoin fell to $72,670, its lowest level since Aug. 20.
- On Nov. 10, about 27 BTC arrived at a loss for every 1 BTC sent at a profit.
- CryptoQuant's Julio Moreno said Bitcoin could still be in the downtrend that began in November 2025.
A lopsided day of exchange inflows
The tally was among the largest 24-hour totals in the four months of data CryptoQuant tracks. It wasn't close to even, either. CryptoQuant said profitable transfers stood near 1,700 BTC on Nov. 10, which means roughly 27 BTC arrived at exchanges at a loss for every 1 BTC sent at a profit.
The short-term holder metric tracks Bitcoin held for up to 155 days. These holders are generally considered more likely to sell when prices fall, even at a loss (the reason analysts watch where their coins go).
The last comparable spike came on Oct. 8, hours after Bitcoin fell back to $80,000. Rolling 24-hour inflows of loss-carrying BTC peaked at 50,500 BTC that day, the largest since late July.
Below the cost basis
Bitcoin dropped to $72,670, its lowest level since Aug. 20. That date matters. Short-term holders moved into aggregate unrealized profit on Aug. 20 as Bitcoin rebounded toward $80,000, and they slipped back into aggregate unrealized loss on Friday.
In between, the cohort had its best stretch in a while. CryptoQuant's STH net unrealized profit/loss (NUPL) metric showed short-term holders reached their highest unrealized profitability since November 2025 as BTC climbed to $87,200 in September.
That cushion's gone now.
Moreno's read on the trend
CryptoQuant head of research Julio Moreno said Bitcoin could still be in the downtrend that began in November 2025. He framed his view around the cohort's cost basis in a note on Monday:
"If rallies keep stalling near the cohort’s cost basis and net unrealized losses deepen, the August rebound starts to look like a pause in the broader downtrend," Moreno wrote.
It's his analysis, built on how price behaves around that line. Cointelegraph had previously reported the short-term holders' average cost basis at around $75,700, and as of this week's drop, Bitcoin's trading below it.
Frequently asked questions
What counts as a Bitcoin short-term holder?
CryptoQuant's short-term holder metric tracks Bitcoin held for up to 155 days. These holders are generally considered more likely to sell when prices fall, even at a loss.
How large was the loss-carrying BTC inflow to exchanges?
CryptoQuant data showed short-term holders sent 47,025 BTC carrying unrealized losses to exchanges in the 24 hours to midnight UTC at the start of Wednesday. It was among the largest 24-hour totals in the four months of data CryptoQuant tracks. The largest since late July came on Oct. 8, when rolling 24-hour inflows peaked at 50,500 BTC.
What is the short-term holder cost basis for Bitcoin?
Cointelegraph previously reported that short-term holders' average cost basis was around $75,700. Bitcoin slipped below that level and fell to an 11-week low of $72,670, according to CryptoQuant.
