Bitcoin short-term holders moved 47,025 BTC to cryptocurrency exchanges at an unrealized loss in the 24 hours leading up to midnight UTC on November 11, 2026, according to on-chain analytics firm CryptoQuant. This figure marks the third-largest single-day outflow of loss-making BTC from this group since July. The pattern coincided with a decline in Bitcoin’s price below their estimated cost basis.
Major transfers from short-term holders
CryptoQuant defines short-term holders as individuals or entities who have held Bitcoin for fewer than 155 days. Monitoring this group provides insight into the sentiment and actions of more recent buyers, who are often considered more likely to react quickly to market moves.
Decrypt, citing its own data, reported a total of approximately 48,500 BTC transferred to exchanges over the same period, with a combined value near $3.6 billion based on a per-coin price of around $74,000. Most of these coins were sent at an unrealized loss, while only about 1,100 BTC arrived at a profit.
These transfers do not directly confirm actual sales, as Bitcoin deposits on exchanges can be used for various purposes, including trading activities or as collateral. However, high inflows during price declines are often interpreted as potential signs of selling pressure by market observers.
CryptoQuant observed that, on November 11, inflows of loss-making BTC reached a level only surpassed twice since July, indicating notable activity among shorter-term holders recently facing paper losses.
Cost basis and recent price action
Bitcoin’s price fell to $72,670 during the day, dipping below the estimated average cost basis of $75,700 for short-term holders. This means many recent buyers are holding positions at a loss, which can fuel anxiety and increased likelihood of further selling into weakness.
| Event | Figure | Date/Period |
|---|---|---|
| Price at 23:13 UTC | $73,523 | November 11, 2026 |
| Day’s lowest price | $72,670 | November 11, 2026 |
| Loss-making BTC sent to exchanges | 47,025 BTC | 24 hours ending Nov. 11 |
| Short-term holder cost basis | $75,700 | As of November 11, 2026 |
Recent activity shows that loss-making transfers from this group have spiked on several occasions. CryptoQuant contributor Amr Taha noted inflows of 50,790 BTC at a loss on November 3 and 46,060 BTC on November 10. On those days, profitable deposits remained far lower, underscoring that most coins moved were underwater.
Long-term holders and market sentiment
Separately, Decrypt referenced Glassnode data pointing to around 4 million BTC held by longer-term investors at prices between $85,000 and $118,000. With Bitcoin trading near $73,000 on November 11, these coins also showed unrealized losses, though there is no direct evidence that long-term holders have started to move funds in response.
On the same day, the widely followed Crypto Fear & Greed Index posted a score of 29, categorizing market sentiment as “Fear.” This level of sentiment is typically seen during drawdowns, although the indicator is not used to predict direct price moves.
Julio Moreno, head of research at CryptoQuant, remarked that a steady move below $73,000, especially if followed by a failed attempt to recover the level, would reinforce technical arguments for a broader downtrend that began in November 2025.
Moreno indicated that the trend remains negative as long as Bitcoin cannot reclaim $73,000, but the flows themselves do not guarantee further declines. Price behavior and continued monitoring of deposits will help determine whether this pressure persists.
Mini dictionary: CryptoQuant is a blockchain and on-chain data analytics provider offering a variety of metrics to monitor trends in the cryptocurrency market, particularly movements across exchanges and holder behavior.
Looking ahead
Analysts are closely watching if loss-making deposits remain at elevated levels or begin to ease off in the following days. Another large inflow would suggest continued pain among recent buyers, while a drop in the reading could indicate stabilization. However, these movements are not alone sufficient to call directional turns in the broader market.
Ultimately, whether deposits result in overt selling remains to be seen, as exchange flows can also be used for other services. Price reaction and upcoming data from analytics firms including CryptoQuant will be critical in assessing if further pressure from short-term holders continues to weigh on Bitcoin’s price action.
