Bitcoin Short-Term Holders Send $3.6 Billion in BTC to Exchanges at a Loss

Judgment

Short-term Bitcoin holders now face a clearer cut-loss-versus-wait choice: CryptoQuant’s 47,300 BTC loss-driven exchange inflow shows recent buyers are moving coins at a loss, but because the chart tracks transfers, not completed sales, they must weigh locking in a roughly 7.5% paper loss at $74,000 against waiting for recovery.

Basis

CryptoQuant’s short-term holder profit-and-loss chart shows roughly 47,300 BTC sent to exchanges below acquisition price over 24 hours versus about 1,100 BTC at a profit; combined inflows were near 48,500 BTC, or around $3.6 billion at approximately $74,000. The firm defines short-term holders as holding less than 155 days, and its chart measures transfers, not completed sales, so it does not establish how much was sold. In a November 11 analysis, contributor Amr Taha cited two underwater deposit waves—50,790 BTC on November 3 and 46,060 BTC on November 10—and wrote that on November 10 profitable transfers were near 1,700 BTC, or approximately 27 BTC at a loss for every 1 BTC at a profit. A separate Binance chart showed 3,290 BTC from coins last moved one day to one week earlier on November 1, then 8,114 BTC on November 3; Glassnode identified about 4 million BTC held by longer-term investors acquired between $85,000 and $118,000, while a buyer who paid $80,000 would face a paper loss of roughly 7.5% at $74,000.