Bitcoin short-term holders transferred 47,025 BTC to exchanges on Tuesday after the cryptocurrency dropped to an 11-week low. The data, tracked by CryptoQuant, revealed that these coins were sent while their value was below the original purchase price, placing holders at an unrealized loss.
Short-term holders’ underwater exchange inflows among highest since July
Onchain analytics from CryptoQuant indicated that short-term holders moved 47,025 BTC onto exchanges in the 24 hours leading up to midnight UTC, marking the third-largest such inflow since July. This movement followed Bitcoin’s drop to $72,670, its lowest price since August 20.
The short-term holder classification applies to wallets holding Bitcoin for up to 155 days. Historically, this group is considered more likely to sell during price declines, even if it means realizing losses.
CryptoQuant noted that on November 10, only 1,700 BTC transferred by short-term holders were in profit, compared to roughly 27 times as many coins arriving at a loss.
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.
The highest 24-hour BTC inflows from short-term holders at a loss—since late July—occurred on October 8, shortly after Bitcoin declined to $80,000, with rolling daily inflows reaching 50,500 BTC.
CryptoQuant’s database tracks this trend as a key indicator of short-term sentiment and selling pressure in the market.
As these rapid movements by short-term holders can signal bearish sentiment and impact price volatility, many traders seek timely tools to monitor such events. During these periods, platforms like CryptoAppsy can prove valuable by delivering real-time charts and immediate price alerts, enabling users to track exchange flows and major shifts in sentiment quickly.
Analyst identifies critical resistance as downtrend persists
Analysts report that the average cost basis for short-term Bitcoin holders currently stands close to $75,700. This metric played a role in recent investor behavior as Bitcoin’s rebound toward $80,000 on August 20 briefly pushed short-term holders back into aggregate profit. However, by the following Friday, these investors again faced unrealized losses as the price pulled back.
Julio Moreno, head of research at CryptoQuant, commented that unless Bitcoin breaks and sustains levels above $73,000, the broader downtrend remains intact. He referenced the ongoing downward movement that started in November 2025.
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.
CryptoQuant’s net unrealized profit/loss (NUPL) indicator recently reflected that short-term holders achieved their highest unrealized gains since November 2025 as Bitcoin climbed to $87,200 in September. The current rapid shift back to aggregate losses highlights ongoing volatility and weaker short-term holder morale.
